History of tariffs in the United States

Common card · No. 227112

Tariffs have historically played a key role in the trade policy of the United States. Economic historian Douglas Irwin classifies U.S. tariff history into three periods: a revenue period (ca. 1790–1860), a restriction period (1861–1933) and a reciprocity period (from 1934 onwards). In the first period, from 1790 to 1860, average tariffs increased from 20 percent to 60 percent before declining again to 20 percent. From 1861 to 1933, which Irwin characterizes as the "restriction period", the average tariffs rose to 50 percent and remained at that level for several decades. From 1934 onwards, in the "reciprocity period", the average tariff declined substantially until it leveled off at 5 percent. Especially after 1942, the U.S. began to promote worldwide free trade. After the 2016 presidential election which saw the election of Donald Trump who campaigned on a protectionist and economic nationalist political platform, the US increased trade protectionism. According to Irwin, tariffs were...

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