Tariff Act of 1890

Tariff Act of 1890 was a significant piece of legislation passed by the 51st United States Congress and signed into law by Benjamin Harrison, with the aim of reducing the revenue and equalizing duties on imports. The act was a key component of the Republican Party (United States)'s platform, which emphasized protectionism and the need to protect American industry from foreign competition, as advocated by William McKinley and Nelson Aldrich. The Tariff Act of 1890 was also influenced by the Interstate Commerce Act and the Sherman Anti-Trust Act, which were enacted around the same time. The act's provisions were shaped by the United States Senate Committee on Finance, chaired by Justin Smith Morrill, and the United States House Committee on Ways and Means, chaired by William McKinley.

Introduction

The Tariff Act of 1890 was introduced in the United States House of Representatives by William McKinley, who was the chairman of the United States House Committee on Ways and Means at the time. The act was designed to reduce the revenue and equalize duties on imports, with the goal of promoting American industry and protecting it from foreign competition, as supported by Henry Clay and Abraham Lincoln. The act was also influenced by the Tariff Act of 1883, which had been enacted by the 47th United States Congress and signed into law by Chester A. Arthur. The Tariff Act of 1890 was seen as a key component of the Republican Party (United States)'s platform, which emphasized protectionism and the need to protect American industry from foreign competition, as advocated by James G. Blaine and John Sherman. The act's provisions were also shaped by the United States Supreme Court's decisions in cases such as Mugler v. Kansas and Minnesota v. Barber.

Legislative History

The Tariff Act of 1890 was passed by the 51st United States Congress after a lengthy and contentious debate, with Democratic Party (United States) members opposing the act's provisions, as led by Grover Cleveland and William Jennings Bryan. The act was introduced in the United States House of Representatives on April 16, 1890, and was referred to the United States House Committee on Ways and Means, which was chaired by William McKinley. The committee reported the bill back to the full House on May 20, 1890, and it was passed by a vote of 164-142 on May 21, 1890. The bill was then sent to the United States Senate, where it was referred to the United States Senate Committee on Finance, which was chaired by Justin Smith Morrill. The Senate committee reported the bill back to the full Senate on June 17, 1890, and it was passed by a vote of 32-28 on June 18, 1890. The act was signed into law by Benjamin Harrison on October 1, 1890, after being influenced by the Paris Convention for the Protection of Industrial Property and the Berne Convention.

Provisions and Amendments

The Tariff Act of 1890 reduced the average tariff rate from 49.5% to 40%, and equalized duties on imports, with the goal of promoting American industry and protecting it from foreign competition, as supported by Alexander Hamilton and Friedrich List. The act also imposed a tax on sugar imports, which was designed to protect the American sugar industry, as advocated by Henry O. Havemeyer and the American Sugar Refining Company. The act's provisions were amended by the Wilson-Gorman Tariff Act in 1894, which reduced the average tariff rate to 39.9%, and by the Dingley Tariff Act in 1897, which increased the average tariff rate to 46.5%, as influenced by the Spanish-American War and the Philippine-American War. The act's provisions were also shaped by the United States International Trade Commission and the Office of the United States Trade Representative, which were established to promote free trade and protect American industry.

Economic Impact

The Tariff Act of 1890 had a significant impact on the United States economy, with the goal of promoting American industry and protecting it from foreign competition, as supported by John Maynard Keynes and the Federal Reserve System. The act's provisions led to an increase in the price of imported goods, which had a negative impact on American consumers, as noted by Thorstein Veblen and the Progressive Era. The act also led to an increase in the production of American goods, which had a positive impact on American industry, as advocated by Herbert Hoover and the United States Chamber of Commerce. The act's provisions were also influenced by the Panic of 1890 and the Panic of 1893, which were economic downturns that affected the United States economy, as studied by Milton Friedman and the National Bureau of Economic Research.

Reception and Legacy

The Tariff Act of 1890 was widely criticized by Democratic Party (United States) members, who argued that the act's provisions would lead to higher prices for American consumers and would protect American industry at the expense of foreign competition, as led by William Jennings Bryan and the Populist Party (United States). The act was also criticized by free trade advocates, who argued that the act's provisions would lead to a decrease in international trade and would harm the United States economy, as supported by Adam Smith and the World Trade Organization. Despite the criticism, the Tariff Act of 1890 was seen as a key component of the Republican Party (United States)'s platform, which emphasized protectionism and the need to protect American industry from foreign competition, as advocated by Theodore Roosevelt and the Bull Moose Party. The act's provisions have been studied by economists such as Joseph Schumpeter and John Kenneth Galbraith, and have been influential in shaping the United States trade policy, as reflected in the North American Free Trade Agreement and the United States-Mexico-Canada Agreement. Category:United States federal legislation