The Tariff Act of 1890, commonly called the McKinley Tariff, was an act of the United States Congress framed by Representative William McKinley that became law on October 1, 1890. The tariff raised the average duty on imports to almost fifty percent, an act designed to protect domestic industries from foreign competition. Protectionism, a tactic supported by Republicans, was fiercely debated by politicians and condemned by Democrats. The McKinley Tariff was replaced with the Wilson-Gorman Tariff in 1894, which promptly lowered tariff rates.
Read more about McKinley Tariff: Tariff Politics, Tariff Description, Tariff Effects
Famous quotes containing the words mckinley and/or tariff:
“The mission of the United States is one of benevolent assimilation.”
—William McKinley (1843–1901)
“After so many historical illustrations of the evil effects of abandoning the policy of protection for that of a revenue tariff, we are again confronted by the suggestion that the principle of protection shall be eliminated from our tariff legislation. Have we not had enough of such experiments?”
—Benjamin Harrison (1833–1901)