…The budget of 1842 reduced the tariff on some 750 articles, and three years later Peel reduced tariffs still more. Duties on raw materials were mostly abolished and those on manufactured articles were consolidated at a general level of 10 per cent. In these ways the burden of revenue was moved from trade to ordinary citizen, and the motive of protection was virtually abandoned…
And Jason Orestes of the Washington Examiner reminds us on January 29, 2020
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…
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