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Walker tariff

From Academic Kids

The 1846 Walker tariff was a Democrat-passed bill that reversed the high rates of tariffs imposed by the Whig-backed "Black Tariff" of 1842 under president John Tyler.

The act is named after Robert J. Walker, who was formerly a Democratic Senator from Mississippi and served as Secretary of the Treasury under president James K. Polk.

The bill resulted in a moderate reduction in many tariff rates and was considered a success in that it stimulated trade and brought needed revenue into the U.S. Treasury, as well as improved relations with Great Britain that had soured over the Oregon boundary dispute. The 1846 tariff rates initiated a fourteen year period of relative free trade by nineteenth century standards lasting until 1860. It was passed along with a series of financial reforms proposed by Walker including the Warehousing Act of 1846.

The Walker Tariff remained in effect until the Tariff of 1857, which reduced rates further. Both were reversed in 1861 with the adoption of the Republican-backed Morrill Tariff and the return of protectionism.Template:Econ-stub

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