Chapter 10 - People. Select all answers that apply. High tariffs were a policy designed to encourage rapid industrialisation and protect the high American wage rates. For example, a high tariff on imports increased the cost of British textiles. Anisha_Chandwani. Anisha_Chandwani. Protective tariffs and tariff incomes lead to the complete erasure of the civil war debt. 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. The policy from 1860 to 1933 was usually high protective tariffs (apart from 1913–21). 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. This was a bad thing for the consumers because now the goods were more expensive. In 1828, Congress passed a high protective tariff that infuriated the southern states because they felt it only benefited the industrialized north. 37 terms. Chapter 3 - Vocab. Learn more. What are synonyms for protective tariff? protective tariff meaning: a tax intended to increase prices of imports and protect a country's industries from foreign…. 7 terms. An example of an ad valorem tariff would be a 15% tariff levied by Japan on U.S. automobiles. Chapter 2 - Vocabulary. 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. The new legislation increased rates for many manufactured goods, while it placed items such as sugar and coffee on the free list. The Tariff of 1816 was the first of the protective tariffs. Why was the Protective Tariff bad for the consumers? For example, if similar cloth for sale in America cost $4 in for a version imported from Britain (including additional shipping, etc.) After 1890, the tariff on wool did affect an important industry, but otherwise the tariffs were designed to keep American wages high. 3 words related to protective tariff: tariff, duty, anti-dumping duty. This also created huge budgets in the 1800s. Ways and Means Committee Chairman William McKinley of Ohio led the effort in the House. Protective tariffs are considered positive because _____. Political>Economic 6. Synonyms for protective tariff in Free Thesaurus. An ad valorem tax, the most common type, is levied as a percentage of the value of the good or service. On this date, the McKinley Tariff of 1890 became law—boosting protective tariff rates of nearly 50 percent on average for many American products. Protective tariffs lead the U.S into transforming into a global industrial power, increase private corporation, and foster trust. OTHER SETS BY THIS CREATOR. The 15% is a price increase on the value of the automobile, so a … There are two basic types of tariff: an ad valorem tax and a specific tariff. 114 terms. they generate income for the government they give foreign goods a competitive edge they protect local industry they increase productivity of factories Antonyms for protective tariff. 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. This tariff benefited American producers of cloth — mostly in the north. Political>Economic 5. Mckinley tariff of 1890 became law—boosting protective tariff rates of nearly 50 percent average! More expensive rapid industrialisation and protect the high American wage rates ( apart from 1913–21.... 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