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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 1842 returned the tariff to the level of 1832, with duties averaging between 23% and 35%. The Walker Tariff of 1846 essentially focused on revenue and reversed the trend of substituting specific for ad valorem duties. The Tariff of 1857 reduced the tariff to a general level of 20%, the lowest rate since 1830, and expanded the free ...
The Warehousing Act of 1846, [1] was a commercial law that allowed merchants to warehouse their imports into the United States and thus delay tariff payments on those goods until a buyer was found. It established the bonded warehousing system at American ports and spurred the influx of commerce, particularly in New York City .
The Tariff of 1842 was repealed in 1846, when it was replaced by the Walker Tariff. The Whigs' loss of Congress and the presidency in 1844 facilitated a Democratic-led effort to reduce the rates again. Concerns that the Black Tariff's high rates would suppress future trade and, with it, customs revenue fueled the movement to repeal the act.
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]
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
Tariff of 1883; Tom Lantos Block Burmese JADE Act of 2008; Trade Act of 1974; Trade Act of 2002; Trade Agreements Act of 1979; Trade and Tariff Act of 1984; Federal Trade Commission Act of 1914; Trade Expansion Act; Trading with the Enemy Act of 1917; Trump tariffs
President James K. Polk made the revival of the independent treasury and a reduction of the tariff the two pillars of his domestic economic program, and pushed both through Congress. He signed the Independent Treasury Act on August 6, 1846, one week after signing the Walker tariff. [15]