Asked in History of the United StatesWar and Military HistoryUS PresidentsDecade - 1920s
History of the United States
War and Military History
Decade - 1920s
What was the Fordney McCumber tariff?
Asked in Law & Legal Issues, Decade - 1920s
What was the purpose of the Fordney-McCumber Tariff?
Asked in World War 1
What affect did the Fordney-McCumber Tariff have on Europe?
Why was the fordney-mccumber tariff act introduced?
What was the Fordney-McCumber Tariff?
What were the effects of the Fordney-McCumber Tariff?
Asked in History of the United States
What marked the return to the old republican policy of high protective tariffs?
Asked in Education
Why did the Fordney-McCumber Tariff affect other countries?
How did the US discourage goods from coming to the US during the presidency of Warren G. Harding?
Asked in History of the United States, History of Europe, US Constitution, Decade - 1920s, Plural Nouns
What were the tariffs in the 1920s?
Asked in US Presidents
What was the effect of the Fordney-McCumber Tariff?
The effects of the Fordney-McCumber Tarif were positive for the Americans. With high tariffs on forign made goods this ment that American goods were cheeper. Also, americans had more money because Wilson put down the price of American goods. America was now more well off than it had been, until the depression of course.
Asked in World War 1, History of the United States
What was the unintended effect of the fordney mcCumber act?
What is the Smoot Hawley tariff?
True to his belief in aiding businessmen as a means to creating prosperity, Hoover signed the Smoot-Hawley Tariff in 1930. It raised the rates far above those of the Fordney-McCumber Tariff of 1922. The new tariff was a triumph for the protectionists and a blow to the "farm bloc," that had already been chafing as a result of the continued farmer's depression. The new tariff law, however, failed to achieve its purpose. It did not bring greater prosperity to the American businessman. On the contrary, U.S. exports of manufactured goods began to decline more rapidly than imports. One reason for this condition was the high tariff wall that foreign countries put up in reprisal against the Smoot-Hawley Tariff.
Why did the us follow a policy of isolationism after world war 1?
U.S wanted to stay out of the affairs of other countries and become isolated because Americans did not want more dead soldiers and they also were afraid of the massive cost of war in the future. In other words, America wanted to stay out of the problems of other countries. To encourage isolationism they rejected the Treaty of Versailles, reduced immigration, and exerted Fordney-McCumber Tariff.
Asked in World War 1, US Congress
Why did the US Congress put high tariffs in place following World War 1?
In the decade after the end of the First World War, the United States continued to embrace the high tariffs that had characterized its trade policy since the Civil War. These were enacted, in part, to appease domestic constituencies, but ultimately they served to hinder international economic cooperation and trade in the late 1920s and early 1930s. High tariffs were a means not only of protecting infant industries, but of generating revenue for the federal government. They were also a mainstay of the Republican Party, which dominated the Washington political scene after the Civil War. After the Democrats, who supported freer trade, captured Congress and the White House in the elections of 1910 and 1912, the stage was set for a change in tariff policy. With the 1913 Underwood-Simmons Tariff, the United States broke with its tradition of protectionism, enacting legislation that lowered tariffs (and also instituted an income tax). The reversion of Congress to Republican control during the First World War and the 1920 election of Republican Warren Harding to the presidency signaled an end to the experiment with lower tariffs. To provide protection for American farmers, whose wartime markets in Europe were disappearing with the recovery of European agricultural production, as well as U.S. industries that had been stimulated by the war, Congress passed the temporary Emergency Tariff Act in 1921, followed a year later by the Fordney-McCumber Tariff Act of 1922. The Fordney-McCumber Tariff Act raised tariffs above the level set in 1913; it also authorized the president to raise or lower a given tariff rate by 50% in order to even out foreign and domestic production costs. One unintended consequence of the Fordney-McCumber tariff was that it made it more difficult for European nations to export to the United States and so earn dollars to service their war debts. Despite the Fordney-McCumber tariff, the plight of the American farmer continued. The wartime expansion of non-European agricultural production had led, with the recovery of European producers, to overproduction during the 1920s. This in turn had led to declining farm prices during the second half of the decade. During the 1928 election campaign, Republican presidential candidate Herbert Hoover pledged to help the beleaguered farmer by, among other things, raising tariff levels on agricultural products. But once the tariff schedule revision process got started, it proved impossible to stop. Calls for increased protection flooded in from industrial sector special interest groups and soon a bill meant to provide relief for farmers became a means to raise tariffs in all sectors of the economy. When the dust had settled, Congress had produced a piece of legislation, the Tariff Act of 1930, more commonly known as the Smoot-Hawley tariff, that entrenched the protectionism of the Fordney-McCumber tariff. Scholars disagree over the extent of protection actually afforded by the Smoot-Hawley tariff; they also differ over the issue of whether the tariff provoked a wave of foreign retaliation that plunged the world deeper into the Great Depression. What is certain, however, is that Smoot-Hawley did nothing to foster cooperation among nations in either the economic or political realm during a perilous era in international relations. It quickly became a symbol of the "beggar-thy-neighbor" policies of the 1930s. Such policies, which were adopted by many countries during this time, contributed to a drastic contraction of international trade. For example, U.S. imports from Europe declined from a 1929 high of $1,334 million to just $390 million in 1932, while U.S. exports to Europe fell from $2,341 million in 1929 to $784 million in 1932. Overall, world trade declined by some 66% between 1929 and 1934. Smoot-Hawley marked the end of the line for high tariffs in 20th century American trade policy. Thereafter, beginning with the 1934 Reciprocal Trade Agreements Act, the United States generally sought trade liberalization through bilateral or multilateral tariff reductions. To this day, the phrase "Smoot-Hawley" remains a watchword for the perils of protectionism. See the related link for further information and the source for this answer.