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Protectionism and Tariffs for kids: What are Tariffs?
Definition
and Summary: What are tariffs? Tariffs are taxes placed on goods
that are imported from foreign countries. Tariffs enabled the
government
to raise money and at the same time
protect a American goods from cheaper priced foreign
items. The policy of protectionism contrasts with free
trade, where government barriers to trade are kept to a minimum.
Protectionism
The
principle of applying higher tariffs (taxes) on foreign goods and
products was called Protectionism. The greatest advocates of
Protectionism in American history were Alexander Hamilton and Henry Clay
and the later Republican presidents. The Republicans believed in
higher tariffs (taxes). The principle of protectionism was opposed by the Democratic
politicians who believed in
lower tariff rates fearing that protectionism favored monopolistic business
practices that gave rise to the
Robber
Barons who emerged in
the mid to late 1800's. The rates of tariffs therefore went up and
down according to the politicians and the political parties who were
in power at the time.
Facts and History of
Protectionism for kids: Timeline of Tariffs and Events
Interesting Protectionism Facts and Timeline for kids are
detailed below. The history of the Protectionism and Tariffs is told in a
factual timeline sequence consisting of a series of interesting, short facts
providing a simple method of relating the
history of the Protectionism,
Protectionists and Tariffs for kids, schools and homework projects.
Protectionism Facts and Timeline for kids
Protectionism Fact 1:
1789 - George Washington backed the first
tariff in 1789 in order to raise revenue for the newly
formed government and encourage the development of
industries
Protectionism Fact 2:
1789 - Alexander Hamilton, secretary of the
treasury, introduced various economic polices was the
principal advocate of import restrictions. Alexander
Hamilton proposed high protective tariffs as part of his
plans to clear the war debt incurred in the War if
Independence.
Protectionism Fact 3:
1789 - The Tariff Act of 1789, was the first
major Act passed in the United States in which charges
of up to 50% were imposed on selected goods, including
“steel, ships, cordage, tobacco, salt, indigo and cloth
Protectionism Fact 4:
1816 -
The protective
Tariff of 1816, placed a 20-25% tax on all foreign
goods. Before the War of 1812, duties averaged about 12.5%.
Protectionism Fact 5:
1817 -
Henry Clay (1777 –
1852) devised the
American System
during the presidency of James Monroe during the Era of
Good Feelings. The American System was an economic plan
to boost the sales of US products and protect
manufacturers from cheap British goods and was based on
many of the ideas of Alexander Hamilton
Protectionism Fact 6:
1824 -
The Tariff of 1824 raised the duties still
higher. There was 35% duty on imported iron, wool,
cotton, and hemp and glass
Protectionism Fact 7:
1828 -
The protective Tariff
of 1828 (the
Tariff of Abominations) increased taxes to nearly 50%
Protectionism Fact 8:
1828 -
John C.
Calhoun responded to the Tariff of Abominations with the
South
Carolina Exposition because the 1828
tariff favored the commercial interests of the North at
the expense of the South. The controversy incited by the
1828 Tariff of Abominations led to the
Nullification Crisis.
Protectionism Fact 9:
1832 -
The
Nullification Crisis
centered around the Southern protests against the
protective tariffs (taxes)
Protectionism Fact 10:
1833 -
The Compromise
Tariff, proposed by Henry Clay, was passed by Congress
in March 1833 which would gradually lower the tariff
rates over the next 10 years until, by 1842, they would
be as low as they were by the Tariff Act of 1816.
Protectionism Fact 11:
1842 - The Tariff of 1842, or Black Tariff,
was a protectionist tariff schedule adopted during the
John Tyler presidency to reverse the effects of the 1833
Compromise Tariff and tariffs were again raised
again
Protectionism Fact 12:
1846 - The Black Tariff of 1842 was repealed
in 1846, when it was replaced by the Walker Tariff. The
Walker Tariff was enacted by the Democrats under James
Polk, and made substantially cut in the high rates of
the "Black Tariff"
Protectionism Fact 13:
1857 - The Walker Tariff remained in effect
until the Tariff of 1857, which reduced rates further.
Protectionism Fact 14:
1861 - The 1846 tariff rates initiated a 14
year period of relative free trade that lasted until the
high Morrill Tariff of 1861 that raised tariff rates.
The same year the Civil War broke out.
Protectionism Fact 15:
1866 - Following the Civil War end saw the
period of rapid growth in the economy due to the
inventions and innovations of the Industrial Revolution.
This period in American History gave rise to the wealthy
businessmen and industrialists known as the
Robber Barons,
who firmly supported protectionist policies
Protectionism Fact 16:
1890 -
William McKinley
was a Republican and an ardent Protectionist who believed in imposing tariffs to
guard growing industries within the US from foreign
competition. The McKinley Tariff became law on October 1, 1890 and
was a protective tariff (tax) that raised the average
duty on foreign imports to almost 50%.
Protectionism Fact 17:
1890 -
The
McKinley Tariff,
which became law on October 1, 1890, was a protective
tariff (tax) that raised the average duty on foreign
imports to almost 50%. The act was backed by the
Republicans who strongly supported high tariffs on
imported goods
Protectionism Fact 18:
1894 -
The McKinley Tariff was replaced with the Wilson-Gorman
Tariff BY Grover Cleveland and the Democrat Party, which
promptly lowered tariff rates again.
Protectionism Fact 19:
1897 -
The rates went up again when William McKinley became
president and the
1897
Dingley Tariff was passed to counteract the effects
of the Wilson-Gorman Tariff.
Protectionism Fact 20:
1909 - The
Payne-Aldrich Tariff was passed
under President William Howard Taft reducing tariff
rates but the Payne-Aldrich bill also enacted a huge
income tax on the privilege of conducting business as a
corporation
Protectionism Fact 21:
1922 - The Fordney-McCumber Act was passed
introducing the highest tariffs in American history
enforcing the
US Foreign Policy of Isolationism
Protectionism Facts and Timeline for kids
Protectionism and Tariffs for kids:
United States History for Kids - Video of US Presidents
The article on the
Protectionism and tariffs provides detailed facts
with a timeline and a summary of the
most important events relating to tariffs and
protectionism during the history of the
United States. The following video will
give you additional important facts, history and dates about the
personal and political lives of all the US Presidents.
Protectionism
●
Interesting Facts about Protectionism for kids and schools
●
Summary of the Protectionism and Tariffs in US history
● Definition
of Protectionism
● History of tariffs and taxes
●
Fast, fun facts about protectionist tariffs
●
Foreign & Domestic
policies of US Presidents
● Protectionism,
Protectionists and Tariffs for schools,
homework, kids and children |
