What Is The Tariff Act ?  

The mass destruction after World War I left only sorrow and the world economy came down to minimum. Almost 10 years after World War I, it was still difficult to regulate he individual’s purchasing power to the industries productive capacity.

It was a very difficult task to answer. Also, to understand and give security to the US jobs along with safeguarding farmer’s interest during the economic crisis all over the world in 1929.

Keeping all these in mind, the then American presidential candidate in1928, Mr. Herbert Hoover had promised the stressed farmers an increase in tariff of all agricultural products. In the election Hoover won and the Republicans also upheld easy majority in the House and also at the Senate. After this the congress was asked to raise the tariff rates for agricultural commodities and also a decrease in rates for industrial products.

The first version of tariff Act was passed in May 1929. After prolonged discussions and debates till March 1930, the House voted for increasing tariff identically for all agricultural and industrial products.

The first of Tariff Act was the Fordney-McCumber Tariff Act in the year 1922, followed by the Hawley–Smoot Tariff Act, which was signed as a law on 17 June 1930. It was named after, Hawley and Smooth who were both Republicans from Oregon and Utah. Hawley was the chairman of the House Ways and Means Committee and Smoot was chairman of the Senate Finance Committee.

The tariffs under this Act raised the tariffs of amore than 20,000 imported products and were the second highest in the history of the US which was surpassed only by the Tariff Act of 1828 by a very small margin.

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What Is The Tariff Act
 

Who-Benefits-From-A-Tariff-Or-Quota      The primary aim of international trade is to remove the trade barriers and such a removal, enables entry of more number and variety of goods in the domestic market. Consumers get benefited as they get wide variety to choose from. Due to entry of foreign goods competition increases and also gives the domestic producers chance to transfer their goods across the borders. More..

 


 

 

 
   
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