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The Tariff Act of 1930, commonly known as the Smoot–Hawley Tariff or Hawley–Smoot Tariff, was a law that implemented protectionist trade policies in the United States. Sponsored by Senator Reed Smoot and Representative Willis C. Hawley, it was signed by President Herbert Hoover on June 17, 1930. The act raised US tariffs on over 20,000 imported goods.
A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and policy that taxes foreign products to encourage or safeguard domestic industry. Protective tariffs are among the most widely used instruments of protectionism, along with import quotas and export quotas and other non-tariff barriers to trade.
The Walker Tariff was a set of tariff rates adopted by the United States in 1846. Enacted by the Democrats, it made substantial cuts in the high rates of the "Black Tariff" of 1842, enacted by the Whigs. It was based on a report by Secretary of the Treasury Robert J. Walker.
The Morrill Tariff was an increased import tariff in the United States that was adopted on March 2, 1861, during the administration of US President James Buchanan, a Democrat. It was the twelfth of the seventeen planks in the platform of the incoming Republican Party, which had not yet been inaugurated, and the tariff appealed to industrialists and factory workers as a way to foster rapid industrial growth.
The Fordney–McCumber Tariff of 1922 was a law that raised American tariffs on many imported goods to protect factories and farms. The US Congress displayed a pro-business attitude in passing the tariff and in promoting foreign trade by providing huge loans to Europe. That, in turn, bought more US goods. However, five years after the passage of the tariff, American trading partners had raised their own tariffs by a significant degree. France raised its tariffs on automobiles from 45% to 100%, Spain raised its tariffs on American goods by 40%, and Germany and Italy raised their tariffs on wheat. According to the American Farm Bureau, farmers lost more than $300 million annually as a result of the tariff.
The Corn Laws were tariffs and other trade restrictions on imported food and corn enforced in the United Kingdom between 1815 and 1846. The word corn in British English denoted all cereal grains, including wheat, oats and barley. They were designed to keep corn prices high to favour domestic producers, and represented British mercantilism. The Corn Laws blocked the import of cheap corn, initially by simply forbidding importation below a set price, and later by imposing steep import duties, making it too expensive to import it from abroad, even when food supplies were short. The House of Commons passed the corn law bill on 10 March 1815, the House of Lords on 20 March and the bill received royal assent on 23 March 1815.
The 27th United States Congress was a meeting of the legislative branch of the United States federal government, consisting of the United States Senate and the United States House of Representatives. It met in Washington, D.C., between March 4, 1841, and March 4, 1843, during the one-month presidency of William Henry Harrison and the first two years of the presidency of his successor, John Tyler. The apportionment of seats in the House of Representatives was based on the 1830 United States census. Both chambers had a Whig majority.
Sir James Robert George Graham, 2nd Baronet was a British statesman, who notably served as Home Secretary and First Lord of the Admiralty. He was the eldest son of Sir James Graham, 1st Baronet, by Lady Catherine, eldest daughter of the 7th Earl of Galloway.
The United States Customs Service was a federal law enforcement agency of the U.S. federal government. Established on July 31, 1789, it collected import tariffs, performed other selected border security duties, as well as conducted criminal investigations.
The United States Senate Committee on Finance is a standing committee of the United States Senate. The Committee concerns itself with matters relating to taxation and other revenue measures generally, and those relating to the insular possessions; bonded debt of the United States; customs, collection districts, and ports of entry and delivery; deposit of public moneys; general revenue sharing; health programs under the Social Security Act and health programs financed by a specific tax or trust fund; national social security; reciprocal trade agreements; tariff and import quotas, and related matters thereto; and the transportation of dutiable goods. It is considered to be one of the most powerful committees in Congress.
The Tariff of 1833, enacted on March 2, 1833, was proposed by Henry Clay and John C. Calhoun as a resolution to the Nullification Crisis. Enacted under Andrew Jackson's presidency, it was adopted to gradually reduce the rates following Southerners' objections to the protectionism found in the Tariff of 1832 and the 1828 Tariff of Abominations; the tariffs had prompted South Carolina to threaten secession from the Union. This Act stipulated that import taxes would gradually be cut over the next decade until, by 1842, they matched the levels set in the Tariff of 1816—an average of 20%. The compromise reductions lasted only two months into their final stage before protectionism was reinstated by the Black Tariff of 1842.
The Customs and Excise Department (C&ED) is a government agency responsible for the protection of the Hong Kong Special Administrative Region against smuggling; the protection and collection of revenue on dutiable goods on behalf of the Hong Kong Government; the detection and deterrence of drug trafficking and abuse of controlled drugs; the protection of intellectual property rights; the protection of consumer interests; and the protection and facilitation of legitimate trade and upholding Hong Kong's trading integrity.
The Tariff of 1816, also known as the Dallas Tariff, is notable as the first tariff passed by Congress with an explicit function of protecting U.S. manufactured items from overseas competition. Prior to the War of 1812, tariffs had primarily served to raise revenues to operate the national government. Another unique aspect of the tariff was the strong support it received from Southern states.
Tariffs have historically served a key role in the trade policy of the United States. Their purpose was to generate revenue for the federal government and to allow for import substitution industrialization by acting as a protective barrier around infant industries. They also aimed to reduce the trade deficit and the pressure of foreign competition. Tariffs were one of the pillars of the American System that allowed the rapid development and industrialization of the United States. The United States pursued a protectionist policy from the beginning of the 19th century until the middle of the 20th century. Between 1861 and 1933, they had one of the highest average tariff rates on manufactured imports in the world. However American agricultural and industrial goods were cheaper than rival products and the tariff had an impact primarily on wool products. After 1942 the U.S. began to promote worldwide free trade, but after the 2016 presidential election has gone back to protectionism.
The presidency of John Tyler began on April 4, 1841, when John Tyler became President of the United States upon the death of President William Henry Harrison, and ended on March 4, 1845. He had been Vice President of the United States for only 31 days when he assumed the presidency. The tenth United States president, he was the first to succeed to the office intra-term without being elected to it. To forestall constitutional uncertainty, Tyler took the presidential oath of office on April 6, assumed full presidential powers, and served out the balance of Harrison's four-year term, a precedent that would govern future extraordinary successions and eventually become codified in the Twenty-fifth Amendment.
The United States imposes tariffs on imports of goods. The duty is levied at the time of import and is paid by the importer of record. Customs duties vary by country of origin and product. Goods from many countries are exempt from duty under various trade agreements. Certain types of goods are exempt from duty regardless of source. Customs rules differ from other import restrictions. Failure to properly comply with customs rules can result in seizure of goods and criminal penalties against involved parties. The United States Customs and Border Protection (CBP) enforces customs rules.
Protectionism in the United States is protectionist economic policy that erects tariffs and other barriers on imported goods. In the US this policy was most prevalent in the 19th century. At that time it was mainly used to protect Northern industries and was opposed by Southern states that wanted free trade to expand cotton and other agricultural exports. Protectionist measures included tariffs and quotas on imported goods, along with subsidies and other means, to restrain the free movement of imported goods, thus encouraging local industry.
The German tariff of 1879 was a protectionist law passed by the Reichstag that imposed tariffs on industrial and agricultural imports into Imperial Germany.
Australian governments, both those of the colonies after the introduction of responsible government in the 1850s and the national government since federation in 1901, have had the power to fix and change tariff rates. This power resides in the respective legislatures, with tariffs, being a tax law, is required to originate in the lower house of the legislature.
The United States Senate Select Committee on the Tariff Regulation was a Select Committee for the U.S. Senate from February 25, 1823 until March 3, 1923. It is now a defunct congressional committee, having been consolidated into the Committee of Finance in 1923.
References
- ↑ John Moore, " 'The Grossest and Most Unjust Species of Favoritism' Competing Views of Republican Political Economy: The Tariff Debates of 1841 and 1842." Essays in Economic & Business History 29 (2011): 59–74.
- ↑ Murphy, Ared Maurice (June–September 1925). "The Big Four Railroad in Indiana". Indiana Magazine of History. xxi (2 and 3): 112. Retrieved December 25, 2022.
