Impact
The bill made moderate reductions in many tariff rates. As Walker had predicted, trade increased substantially, and net revenue collected also increased, from $30 million annually under the Black Tariff in 1845 to almost $45 million annually by 1850. It also improved relations with Britain that had soured over the Oregon boundary dispute.
It was passed along with a series of financial reforms proposed by Walker including the Warehousing Act of 1846. The 1846 tariff rates initiated a fourteen-year period of relative free trade by nineteenth century standards lasting until the high Morrill Tariff of 1861.
The Walker Tariff remained in effect until the Tariff of 1857, which used it as a base and reduced rates further.
The 1861 Morril Tariff raised the effective rate collected on dutiable imports by approximately 70%. Customs revenue from tariffs totaled $345 million from 1861 through 1865.
Read more about this topic: Walker Tariff
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