Things about a Tariff
how does a Tariff work
The importing company pays the tariff to the government. The tariff is passed on to the consumer in the form of a higher price.
Tariffs can be fixed or variable. Fixed tariffs are a constant sum per unit, while variable tariffs vary based on the price.
What did the tariff of 1816 do
25% tax on imported goods and protect US-made goods from foreign competition
Tariff
a tax on imported or exported goods
What president was James Madison
The Forth
What is another potential drawback of a tariff
Tariffs can make it more expensive for consumers to buy local products.
Tariffs can create tensions between countries and lead to trade wars.
Who did the tariff of 1816 hurt
hurt farmers, who had to pay higher prices for consumer goods.
Domestic
relating to the running of a home or to family relations.
What was Alexander Dallas's Birth day and Death Day
June 21, 1759 – January 16, 1817
What did the other example on slide 4 look like
It was just a stamp
What is an example of a Tariff today
Trumps tariff on Chinese and Mexican products
What was the Tariff of 1816
The first protectionist tariff in the US
Fledgling
a person or organization that is immature, inexperienced, or underdeveloped.
Who was James Madison
James Madison, often called the "Father of the Constitution," was a key figure in the early United States, and played a crucial role in shaping the nation's government.
protect fledgling American industries, particularly textile manufacturers, that had emerged during the War of 1812 when British imports were restricted. so it protected fledgling American industries, to sum it all up
Why would someone wanna make a tariff
Tariffs can be used to penalize other countries for actions the government disapproves of. Tariffs can be used to maintain national security.Tariffs can help domestic industries compete with foreign products.
What did the Tariff of 1816 Encourage the growth of
American manufacturing
Congress
a national legislative body, especially that of the US. The US Congress, which meets at the Capitol in Washington, D.C., was established by the Constitution of 1787 and is composed of the Senate and the House of Representatives.
What is Congress
Congress has two parts: the U.S. Senate and the U.S. House of Representatives. Each state has two U.S. Senators and at least one U.S. Representative; the more residents a state has, the more U.S. Representatives it is allowed. There are 100 U.S. Senators and 435 U.S. Representatives
What is a protectionist
protectionist is an advocate of government economic protection for domestic producers through restrictions on foreign competitors.
Advocate meaning someone who publicly supports or recommends a particular cause or policy, or who speaks for or defends someone in a court of law
What is a Tariff
A Tariff on imported items could be on exported items but the United States constitutionally prohibits export tariffs
Who Passed the tariff of 1816,
And who Championed the tariff of 1816
Alexander Dallas, CONGRESS passed IT while JAMES MADISON CHAMPIONED it
Protectionism
an economic policy that limits imports from other countries
Who was Alexander Dallas
An American statesman who served as the 6th United States Secretary of the Treasury from 1814 to 1816
What did the example of HOW TARIFFS WORK on the 3rd Slide Look like
it was a red hat with speech bubbles on it And 2 people