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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 Walker Tariff reduced tariff rates from 32% to 25%.
The Tariff of 1857 was a major tax reduction in the United States that amended the Walker Tariff of 1846 by lowering rates to between 15% and 24%. [ 1 ] [ 2 ] The Tariff of 1857 was developed in response to a federal budget surplus in the mid-1850s. [ 2 ]
The Tariff of 1842, or Black Tariff as it became known, was a protectionist tariff schedule adopted in the United States.It reversed the effects of the Compromise Tariff of 1833, which contained a provision that successively lowered the tariff rates from their level under the Tariff of 1832 over a period of ten years until the majority of dutiable goods were to be taxed at 20%.
Currently only about 30% of all import goods are subject to tariffs in the United States, the rest are on the free list. The "average" tariffs now charged by the United States are at a historic low. The list of negotiated tariffs are listed on the Harmonized Tariff Schedule as put out by the United States International Trade Commission. [104]
The Walker Tariff actually increased trade with Britain and others and brought in more revenue to the federal treasury than the higher tariff. The average tariff on the Walker Tariff was about 25%. While protectionists in Pennsylvania and neighboring states were angered, the South achieved its goal of setting low tariff rates before the Civil War.
This is a list of United States tariff laws. 1789: Tariff of 1789 (Hamilton Tariff) 1790: Tariff of 1790; 1791: Tariff of 1791; 1792: Tariff of 1792; 1816: Tariff of 1816; 1824: Tariff of 1824; 1828: Tariff of 1828 (Tariff of Abominations) 1832: Tariff of 1832; 1833: Tariff of 1833; 1842: Tariff of 1842; 1846: Walker tariff; 1857: Tariff of ...
The Walker Tariff of 1846, named after Polk's Treasury Secretary Robert J. Walker, significantly reduced import duties. This policy change aimed to lower prices paid by American consumers. The United States added more territory during the one term administration of President Polk than during any other president's administration. [42]
“The Relation of the United States Treasury to the Money Market.” American Economic Association Quarterly, vol. 9, no. 1, 1908, pp. 199–211. online; D. Kinley, The History, Organization, and Influence of the Independent Treasury of the United States (1893, repr. 1968) and The Independent Treasury of the United States (1910, repr. 1970);