Protective tariffs lead the U.S into transforming into a global industrial power, increase private corporation, and foster trust. For example, a high tariff on imports increased the cost of British textiles. Synonyms for protective tariff in Free Thesaurus. For example, if similar cloth for sale in America cost $4 in for a version imported from Britain (including additional shipping, etc.) The new legislation increased rates for many manufactured goods, while it placed items such as sugar and coffee on the free list. 7 terms. Chapter 2 - Vocabulary. After 1890, the tariff on wool did affect an important industry, but otherwise the tariffs were designed to keep American wages high. The policy from 1860 to 1933 was usually high protective tariffs (apart from 1913–21). OTHER SETS BY THIS CREATOR. A tariff is a tax added onto goods imported into a country; protective tariffs are taxes that are intended to increase the cost of an import so it is less competitive against a roughly equivalent domestic good. Chapter 3 - Vocab. A protective tariff is a choice by a national government to create a financial barrier or tax on the imports of one or more nation’s imports into the country. Ways and Means Committee Chairman William McKinley of Ohio led the effort in the House. 37 terms. Anisha_Chandwani. The Tariff of 1824 was the second protective tariff and the Tariff of 1828 (the Tariff of Abominations) led to the Nullification Crisis , in which the sectional interests of the North and the South had truly came into conflict for the first time. An example of an ad valorem tariff would be a 15% tariff levied by Japan on U.S. automobiles. Protective tariffs and tariff incomes lead to the complete erasure of the civil war debt. In 1828, Congress passed a high protective tariff that infuriated the southern states because they felt it only benefited the industrialized north. 3 words related to protective tariff: tariff, duty, anti-dumping duty. High tariffs were a policy designed to encourage rapid industrialisation and protect the high American wage rates. There are two basic types of tariff: an ad valorem tax and a specific tariff. protective tariff meaning: a tax intended to increase prices of imports and protect a country's industries from foreign…. Political>Economic 6. Protective tariffs are considered positive because _____. Chapter 10 - People. The Tariff of 1816 was the first of the protective tariffs. What are synonyms for protective tariff? Political>Economic 5. This also created huge budgets in the 1800s. In many cases, such tariffs are not intended to raise additional national revenue as much as they are to artificially increase the prices of said imports. they generate income for the government they give foreign goods a competitive edge they protect local industry they increase productivity of factories Why was the Protective Tariff bad for the consumers? 114 terms. Select all answers that apply. Anisha_Chandwani. The 15% is a price increase on the value of the automobile, so a … This was a bad thing for the consumers because now the goods were more expensive. On this date, the McKinley Tariff of 1890 became law—boosting protective tariff rates of nearly 50 percent on average for many American products. Anisha_Chandwani. Learn more. This tariff benefited American producers of cloth — mostly in the north. An ad valorem tax, the most common type, is levied as a percentage of the value of the good or service. 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