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The Fordney–McCumber Tariff of 1922 was a law that raised American tariffs on many imported goods to protect factories and farms. [1] [2] The US Congress displayed a pro-business attitude in passing the tariff and in promoting foreign trade by providing huge loans to Europe.
The measure remained in effect until the enactment of the Fordney–McCumber Tariff in 1922, one year after the Emergency Tariff was passed. The new, permanent tariff raised the rates even higher. Also in 1922, the Capper–Volstead Act was passed; it was designed to protect farm co-operatives by exempting them from antitrust laws.
Harding hoped to sign a permanent tariff into law by the end of 1921, but heated congressional debate over tariff schedules, especially between agricultural and manufacturing interests, delayed passage of such a bill. [55] In September 1922, Harding enthusiastically signed the Fordney–McCumber Tariff Act. [56]
This is a list of United States tariff laws. 1789: Tariff of 1789 (Hamilton Tariff) 1790: ... 1922: Fordney–McCumber Tariff; 1930: Smoot–Hawley Tariff Act; 1934: ...
In September 1922, the Fordney–McCumber Tariff (named after Joseph Fordney, chair of the House Ways and Means Committee, and Porter McCumber, chair of the Senate Finance Committee) was signed by U.S. President Warren G. Harding. [4] In the end, the tariff law raised the average American ad valorem tariff rate to 38 percent.
The Tariff Law, which was approved by China's top legislature after three rounds of deliberations going back to 2022, is the latest addition to Beijing's arsenal of trade defence instruments as it ...
The Tariff Act of 1890, commonly called the McKinley Tariff, was an act of the United States Congress, framed by then Representative William McKinley, that became law on October 1, 1890. [1] The tariff raised the average duty on imports to almost 50%, an increase designed to protect domestic industries and workers from foreign competition, as ...
However, one year later Congress passed another tariff, the Fordney–McCumber Tariff, which applied the scientific tariff and the American Selling Price. The purpose of the scientific tariff was to equalize production costs among countries so that no country could undercut the prices charged by American companies. [14]