Tariffs were once a mainstay in U.S. trade policy. Constituting the main source of federal revenue from 1790-1914, and at one point providing over 90% of government income, they were a pivotal component of U.S. fiscal and foreign policy. Their main motivation in those times: protect U.S. industry from foreign opposition. It wasn’t until colossal industrial growth coupled with the introduction of the income tax rendered them less critical to the government balance sheet, and their use declined.
Post-World War II, tariffs took on the negative connotation you see today. The West largely eschewed them in favor of free trade and established organizations such as the World Trade Organization (at the time known as the General Agreement on Tariffs and Trade) to seek to remove barriers to commerce.
Stay informed.Stay ahead.
Join Washington Examiner for unlimited access to the news, analysis, and commentary that matter most.
Already a member? Log in
