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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 ...
Walker was involved in a prominent Treasury report of December 3, 1845, which attacked the tariff protection system for manufactures yet supported a tariff for revenue. The Walker Tariff of 1846 was based upon the principles of this paper and was in fact largely the secretary's own work.
This is a list of United States tariff laws. 1789: Tariff of 1789 (Hamilton Tariff) 1790: ... Tariff of 1842; 1846: Walker tariff; 1857: Tariff of 1857; 1861: Morrill ...
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.
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The Tariff of 1842 was repealed in 1846, when it was replaced by the Walker Tariff.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.
He signed the Independent Treasury Act on August 6, 1846, one week after signing the Walker tariff. [15] The 1846 act provided that the public revenues be retained in the Treasury building and in sub-treasuries in various cities. The Treasury was to pay out its own funds and be completely independent of the banking and financial system of the ...