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HENRY CLAY AND THE PROTECTIVE TARIFF - Essay Example

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A protective tariff is a financial decision by a government to apply a tax on the importation of foreign goods. This tariff is used to inflate import prices in order to protect the value of domestic merchandise that can…
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HENRY CLAY AND THE PROTECTIVE TARIFF
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HENRY CLAY AND THE PROTECTIVE TARIFF

Download file to see previous pages... Its core principal is to protect the domestic economy rather than to raise revenue.
An example of a protective tariff is seen in the importation of oranges. Orange fruit does not grow everywhere, and South American countries often produce massive quantities for export. If a country can produce oranges but can import them from South America cheaper than growing them domestically, a protective tariff might be applied. This tariff will inflate the price of the imported oranges so that they are equal to or higher than the price of domestic oranges.
Tariffs for many years were primarily used to collect Federal revenue and protect start-up industries. The government largely restricted its activities to maintaining order and protecting property by imposing army, navy and courts tariffs in order to raise enough revenues to finance government programs. This made the government largely self supporting. During wars or in attempt to meet other needs, additional income was secured by raising the tariff and excercise tax rates. Short term and unanticipated capital needs (budget deficits) were usually covered by borrowing.
Those favoring protective tariffs mostly engage in manufacturing sector that would be negatively impacted by foreign competition. Exporting areas that would be severely hurt by retaliatory trade measures imposed by their trading partners. The exporting countries also feel as though protective tariffs deal them a double blow since they export cash crops to trading partners affected by protective tariffs and have to purchase foodstuffs and manufactured goods that might be more costly due to the imposition of protective tariffs. 
On the opposite end of the spectrum are two arguments in favor of protective tariffs. One is that it keeps money earned locally within the domestic economy. The idea being that if a man earns a paycheck from a local business, he should feed that money back into other local ...Download file to see next pagesRead More
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