The Tariff of 1842, or Black Tariff as it became known, was a protectionisttariff schedule adopted in the United States to reverse the effects of the Compromise Tariff of 1833. The Compromise Tariff contained a provision that successively lowered the tariff rates from their level under the Tariff of 1832 over a period of ten years until the majority of dutiable goods were to be taxed at 20%. As the 20% level approached in 1842, industrial interests and members of the Whig Party began clamoring for protection, claiming that the reductions left them vulnerable to European competition. The bill restored protection and raised average tariff rates to almost 40%. Protectionism is the economic policy of promoting favored domestic industries through the use of high tariffs and other regulations to discourage imports. ... A tariff is a tax placed on imported and/or exported goods, sometimes called a customs duty. ... 1842 was a common year starting on Saturday (see link for calendar). ... The United States Whig Party was a political party of the United States. ...
The Tariff of 1842 was repealed in 1846 when it was replaced by the Walker Tariff 1846 was a common year starting on Thursday (see link for calendar). ... The 1846 Walker tariff was a Democrat-passed bill that reversed the high rates of tariffs imposed by the Whig-backed Black Tariff of 1842 under president John Tyler. ...
The Tariff of 1842, or BlackTariff as it became known, was a protectionisttariff schedule adopted in the United States to reverse the effects of the Compromise Tariff of 1833.
The Compromise Tariff contained a provision that successively lowered the tariff rates from their level under the Tariff of 1832 over a period of ten years until the majority of dutiable goods were to be taxed at 20%.
The BlackTariff was signed into law somewhat reluctantly by President John Tyler following a year of disputes with the Whig leaders in Congress over the restoration of national banking and the government's land disbursement policies.
The tariff for peas is phased out in equal increments over 5 years, while the tariff for lentils is immediately eliminated.
The tariffs for fl beans, red beans and other beans are phased out in equal increments over 15 years.
Tariffs remain unchanged during the first 6 years of implementation; face a 40-percent reduction over the next 5 years, and a 60-percent reduction over the final 5 years until complete tariff elimination in year 15.
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