JAMES POLK WALKER TARIFF

Also known as the Tariff Act of 1846, this tariff bill helped to reverse the high rates that many individuals were having imposed on them due to the “Black Tariff” which had been signed under the presidency of John Tyler. President James Polk, the eleventh president of the United States, created the Walker Tariff and helped to reduce the hardship that many individuals were being forced to contend with as a result of industry demands. The tariff reduced the amounts from 35% to 25% which was the largest in the time period. However, this move did lead to more trade which eventually significantly assisted the economy.

The tariffs created by both American and Great Britain made it difficult for both sides to trade between each other which added to the difficulties that both economies were facing. Moves like the Walker Tariff made substantial changes which encouraged changes on both sides. This was especially true in the case of luxury goods which included tobacco and alcohol, which were highly prized during this time. The high taxes on these items at times made purchasing them almost impossible, just as with tea which had led to an inevitable conflict.

The taxes and limits tariffs placed on goods like corn, tobacco, and alcohol hindered growth within the economy. Yet both sides were concerned their own produces could suffer if they did not encourage their own production to increase. Importing can delay economy growth, but in other instances like with the Walker Tariff it can help economies from both sides to grow. Although tariffs are necessary in some instances in order to protect an economy, moves like the one that President Polk made helped to relieve the suffering of many of the people on both sides and encourage the growth which both craved.