Why did the Republican governments impose tariffs on foreign imports?
they wanted people to stop buying goods from foreign countries, the wartime boom( business men- wanted it to improve), wanted USA to be isolationist, American jobs and wages increasing.
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What where the key features of tariffs?
Fordney Mccumber tariff 1992=the scientific tariff which placed high tariffs from counties with low wages. American selling price = selling price of imported goods was always higher than American goods.
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Short term effects of tariffs
Boom= lots of disposible income, made life harder for poorer people, wages high, as wages rose so did prices of items, protected agriculture.
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Long term effects on tariffs
Damaged global economy as no one wanted to buy (blocked trade), other countries mad high tariffs of their own (difficult to sell abroad), trade war (cant trade abroad)
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Why long term effects of tariffs were damaging?
Global trade damaged, didn't help low income people, businesses became less efficient as they were protected by tariffs, saturating market (consumer goods) no one wanted to buy them.
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Causes of tariffs
Protect USA from low wage countries e.g. Italy, farmers suffered badly and wanted to keep them high
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Other cards in this set
Card 2
Front
What where the key features of tariffs?
Back
Fordney Mccumber tariff 1992=the scientific tariff which placed high tariffs from counties with low wages. American selling price = selling price of imported goods was always higher than American goods.
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