Tariff of 1842
Historic United States tariff / From Wikipedia, the free encyclopedia
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The Tariff of 1842, or Black Tariff as it became known, was a protectionist tariff schedule adopted in the United States. It reversed the effects of the Compromise Tariff of 1833, which 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%.[1]
As the 20% level approached in 1842, industrial interests and members of the Whig Party began clamoring for protection by claiming that the reductions left them vulnerable to European competition.
The bill restored protection and raised average tariff rates to almost 40% and stipulated sweeping changes to the tariff schedule and collection system, most of which were designed to augment its protective character. It also replaced most ad valorem rates with specific duties, assessed on a good-by-good basis, and replaced the credit system of tariff finance with a cash payment system, collected at portside customs houses.