tariff

APUSH: Underwood Tariff Definition + Impact Explained

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underwood tariff apush definition

APUSH: Underwood Tariff Definition + Impact Explained

The Underwood Tariff Act, enacted in 1913, represents a significant piece of legislation during Woodrow Wilson’s presidency. This law substantially reduced tariff rates on hundreds of imported goods, aiming to lower consumer prices and promote competition. For example, the average tariff rate was reduced from approximately 40% to around 25%.

The significance of this act lies in its shift away from protectionism and toward free trade. It was intended to benefit American consumers by making imported goods more affordable and to encourage efficiency in American industries by exposing them to greater international competition. The historical context involves a progressive movement push for lower tariffs, viewed as benefiting special interests at the expense of the average citizen. To offset the loss of government revenue due to lower tariffs, the Underwood Tariff also established a graduated income tax, authorized by the 16th Amendment.

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APUSH: Protective Tariff Definition + Impact

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protective tariff apush definition

APUSH: Protective Tariff Definition + Impact

A tax implemented on imported goods with the primary intention of shielding domestic industries from foreign competition. This economic policy increases the price of imported items, making domestically produced goods more attractive to consumers, thereby promoting local manufacturing and employment. For instance, a tax on imported steel could make American-produced steel more affordable and competitive in the domestic market.

Such tariffs, historically, have been employed to foster industrial growth, particularly in developing economies. By reducing reliance on foreign products, these measures can stimulate domestic investment and innovation. They can also be used to safeguard jobs in industries vulnerable to cheaper foreign labor. However, potential drawbacks include higher prices for consumers, retaliatory tariffs from other nations, and reduced overall trade, which can negatively impact economic efficiency and global cooperation.

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9+ Revenue Tariff Definition: Explained Simply!

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definition of revenue tariff

9+ Revenue Tariff Definition: Explained Simply!

A duty levied on imported goods primarily to raise governmental income is a type of tax. It is calculated as a percentage of the value of the imported goods, and its primary intention is to generate funds for the public treasury. As an example, a government might impose a 5% charge on all imported textiles. This charge increases the cost of those textiles within the country, but the primary purpose is to generate revenue, not necessarily to protect domestic textile manufacturers.

This method of taxation is significant because it provides a relatively stable source of income for governments. The funds acquired can be allocated to various public services such as infrastructure development, education, and healthcare. Historically, this type of taxation has been a crucial source of funds for nations, particularly during periods of economic expansion when import volumes are high. Its application allows governments to finance essential operations without relying solely on domestic taxes.

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AP Human Geo: Tariff Definition + Examples

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tariff definition ap human geography

AP Human Geo: Tariff Definition + Examples

A duty or tax imposed by a government on imported goods and services defines a key concept in international trade. This financial levy increases the cost of these items, making them more expensive for consumers within the importing country. For example, a government might implement a percentage-based charge on all foreign-made automobiles entering its borders. This added expense affects the price at which these cars are sold domestically.

The imposition of these charges serves several purposes. Domestically, they can protect nascent or struggling industries from foreign competition by artificially inflating the price of rival imports. This protectionist measure can encourage local production and employment. Governments also use them as a revenue source and as a tool for trade negotiation, potentially influencing the behavior of other countries through economic incentives or disincentives. Historically, nations have employed them to shape trade relationships and support national economic goals.

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APUSH: Compromise Tariff of 1833 Definition + Key Facts

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compromise tariff of 1833 apush definition

APUSH: Compromise Tariff of 1833 Definition + Key Facts

The Compromise Tariff of 1833 was a United States federal law enacted during the Nullification Crisis. It served to gradually reduce tariff rates following strong objections from Southern states, particularly South Carolina, which threatened to secede from the Union over the high tariffs established in earlier legislation.

This legislative measure alleviated tensions between the North and South by scaling back the protective tariffs that favored Northern manufacturing interests at the expense of the Southern agricultural economy. Its significance lies in its temporary resolution of the tariff dispute, delaying a more decisive confrontation over states’ rights and economic policy that would eventually erupt in the Civil War. The compromise offered a pathway to de-escalate a volatile political situation that threatened the stability of the nation.

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APUSH: Smoot-Hawley Tariff Definition + Effects

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smoot hawley tariff apush definition

APUSH: Smoot-Hawley Tariff Definition + Effects

The Smoot-Hawley Tariff, enacted in 1930, represents a significant piece of United States legislation that sharply increased import duties on over 20,000 goods. It aimed to protect American industries by raising the cost of imported products. For example, the tariff significantly increased the price of imported agricultural products and manufactured goods, making them less competitive with domestically produced items. The term is commonly encountered in Advanced Placement United States History (APUSH) curricula when examining the causes and consequences of the Great Depression.

The passage of this tariff is considered by many economists to have exacerbated the economic downturn of the Great Depression. While intended to safeguard American jobs and businesses, it triggered retaliatory tariffs from other nations. This resulted in a substantial reduction in international trade, further weakening economies worldwide. Its historical context is crucial for understanding the global economic climate leading up to and during the 1930s.

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APUSH: Hawley-Smoot Tariff Definition + Impact

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hawley-smoot tariff apush definition

APUSH: Hawley-Smoot Tariff Definition + Impact

The Hawley-Smoot Tariff, a significant legislative action in American history, refers to a law enacted in 1930 that substantially raised import duties on over 20,000 goods entering the United States. It represents a prominent example of protectionist trade policy during the early years of the Great Depression. Its passage involved extensive lobbying by various industries seeking to insulate themselves from foreign competition.

The importance of this tariff lies in its unintended consequences and its role in exacerbating the global economic downturn. While intended to protect American industries and jobs, it triggered retaliatory tariffs from other nations, leading to a sharp decline in international trade. Historians and economists often cite it as a contributing factor to the severity and duration of the Great Depression. Its legacy serves as a cautionary tale regarding the potential pitfalls of protectionist measures.

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