656:
36:
927:
27:
99:
Gross farm income in 1919 amounted to $ 17.7 billion. By 1921, exports to Europe had plummeted, and farm income fell to $ 10.5 billion. Other sectors of the economy wanted to avoid a similar fate. The 1920 election put the conservative pro-business and pro-farm
Republicans in control of both Congress
78:
displayed a pro-business attitude in passing the tariff and in promoting foreign trade by providing huge loans to Europe. That, in turn, bought more US goods. However, five years after the passage of the tariff, American trading partners had raised their own tariffs by a significant degree. France
202:
challenged the tariff by arguing that the farmers were net exporters and so did not need protection. They depended on foreign markets to sell their surplus. Walsh pointed out that during the first year of the tariff, the cost of living climbed higher than any other year except during the war. He
103:
Hearings were held by
Congress and led to the creation of several new tools of protection. One was the scientific tariff to equalize production costs among countries; no country could undercut the prices charged by American companies. The difference of production costs was calculated by the
95:
Farmers borrowed heavily to expand their acreage and had difficulty paying back the loans when prices fell. Some of the postwar problems for
American agriculture come from the great surplus of farm goods, which could not be absorbed in the national market as European countries had recovered
186:
Five years after the passage of the tariff, American trading partners had raised their own tariffs by a significant degree. France raised its tariffs on automobiles from 45% to 100%, Spain raised its tariffs on
American goods by 40%, and Germany and Italy raised their tariffs on wheat.
203:
presented a survey of the
Department of Labor in which all of the 32 cities that were assessed had seen an increase in the cost of living. For example, the food costs increased 16.5% in Chicago and 9.4% in New York. Clothing prices rose by 5.5% in Buffalo and 10.2% in Chicago.
91:
The first sector of the economy that was hit by a fall in postwar demand was agriculture. During World War I, the
American agricultural industry had enjoyed prosperity through the raising of prices, which led to increased output that Americans used to supply Europe.
150:
For agriculture, the tariff raised the purchasing power of the farmers by 2–3%, but other industries raised the price of some farm equipment. In
September 1926, economic statistics released by farming groups revealed the rising cost of farm machinery.
173:
The tariff was supported by the
Republican Party and conservatives and was generally opposed by the Democratic Party, liberals, and progressives. One purpose of the tariff was to help those returning from World War I have greater job opportunities.
1436:
1366:
1411:
197:
Some farmers opposed the tariff and blamed it for the agricultural depression. The
American Farm Bureau Federation claimed that because of the tariff, the raised price of raw wool cost to farmers $ 27 million. Democratic Senator
182:
warned, "Our foreign markets depend both on the efficiency of our production and the tariffs of countries in which we would sell. Our own tariffs are an important factor in each. They injure the former and invite the latter."
141:
tariff rate to an average of about 38.5% for dutiable imports and an average of 14% overall. The tariff was defensive, rather than offensive, as it was determined by the cost of production and the market value.
177:
Trading partners complained immediately. European nations affected by the war sought access for their exports to the
American market to make payments to the war loans from America. Democratic Representative
154:
For example, the average cost of a harness rose from $ 46 in 1918 to $ 75 in 1926, the 14-inch plow rose from $ 14 to $ 28, mowing machines rose from $ 45 to $ 95, and farm wagons rose from $ 85 to $ 150.
1291:
973:
1296:
206:
Republican Frank W. Murphy, the head of the Minnesota Farm Bureau, also claimed that the problem was not in the world price of farm products but in the things that farmers had to buy.
194:
attacked the tariff and argued that the American automobile industry did not need protection since it dominated the domestic market. Its main interest was now to expand foreign sales.
1316:
1246:
1306:
790:
1381:
111:
Another was the American selling price; it allowed the President to calculate the duty, which was based on the price of the American price of a good, not the imported good.
79:
raised its tariffs on automobiles from 45% to 100%, Spain raised its tariffs on American goods by 40%, and Germany and Italy raised their tariffs on wheat. According to the
1371:
1656:
1231:
1221:
1266:
1351:
1301:
1615:
1336:
1201:
669:
1176:
556:
1661:
848:
795:
628:
827:
1276:
1271:
1261:
1211:
1666:
1236:
833:
633:
1421:
693:
577:
1585:
1446:
1326:
838:
623:
1610:
1431:
1396:
964:
843:
1376:
1620:
645:
1311:
1021:
1671:
1216:
1121:
780:
678:
496:
477:
1456:
1441:
1151:
708:
114:
The bill also gave the President the power to raise or lower rates on products if that was recommended by the Tariff Commission.
1361:
1116:
740:
703:
664:
549:
451:
80:
162:
against other European countries that traded with the United States. As US tariffs raised, those in other countries followed.
1321:
580:
122:
1651:
1406:
1401:
1341:
1256:
1241:
1156:
1086:
760:
1555:
1545:
1386:
1331:
1011:
1006:
1605:
1600:
1575:
688:
226:
1286:
1226:
683:
588:
96:
sufficiently from the war, with their markets no longer requiring large quantities of American agricultural products.
765:
1391:
1171:
1096:
930:
542:
1281:
1191:
957:
698:
165:
According to the American Farm Bureau, farmers lost more than $ 300 million annually as a result of the tariff.
1625:
1565:
735:
221:
130:
775:
720:
393:
Dollar, Charles M. (1973). "The South and the Fordney–McCumber Tariff of 1922: A Study in Regional Politics".
1031:
805:
725:
1494:
1251:
1196:
1181:
870:
1580:
981:
882:
232:
655:
950:
876:
800:
638:
1590:
1560:
1356:
1206:
1186:
1166:
1161:
1146:
1136:
1131:
1126:
1111:
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1101:
1091:
1081:
1076:
1071:
1066:
1061:
1056:
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1046:
1041:
1036:
1026:
1016:
1001:
996:
991:
810:
770:
730:
238:
457:
323:
1416:
1346:
1141:
745:
523:
410:
381:
53:
1595:
785:
755:
565:
492:
473:
105:
45:
942:
864:
515:
435:
402:
215:
1540:
916:
617:
126:
317:
1535:
1524:
1519:
1509:
1504:
1499:
1489:
1484:
1479:
1474:
1469:
1464:
909:
199:
134:
118:
35:
1645:
1630:
1514:
439:
243:
611:
606:
179:
57:
1550:
888:
75:
26:
894:
191:
159:
138:
1426:
715:
424:"The Political Economy of the Fordney–McCumber and Smoot–Hawley Tariff Acts"
83:, farmers lost more than $ 300 million annually as a result of the tariff.
49:
527:
414:
385:
71:
534:
519:
423:
406:
345:
Edward S. Kaplan "American Trade Policy, 1923–1995." 1996, pp. 8–10
117:
In September 1922, the Fordney–McCumber Tariff bill (named after
946:
538:
316:
United States. Congress. Senate. Committee on Finance (1922).
74:
on many imported goods to protect factories and farms. The
448:
Prelude to Trade Wars: American Tariff Policy, 1890–1922
791:
List of federal judges appointed by Warren G. Harding
372:
Berglund, Abraham (1923). "The Tariff Act of 1922".
1455:
980:
857:
819:
663:
599:
506:Taussig, F. W. (1922). "The Tariff Act of 1922".
137:. In the end, the tariff law raised the American
446:Kaplan, Edward S. and Thomas W. Ryley (1994).
958:
550:
8:
422:Hayford, Marc; Pasurka, Carl A. Jr. (1992).
322:. U.S. Government Printing Office. p.
974:United States federal taxation legislation
965:
951:
943:
849:Historical reputation of Warren G. Harding
796:Warren G. Harding Supreme Court candidates
629:1914 United States Senate election in Ohio
557:
543:
535:
472:. Westport, Connecticut: Greenwood Press.
834:Cultural depictions of Warren G. Harding
634:1920 United States presidential election
1657:United States federal trade legislation
694:Agricultural Appropriations Act of 1922
285:
283:
255:
70:of 1922 was a law that raised American
839:List of memorials to Warren G. Harding
624:Electoral history of Warren G. Harding
273:
271:
262:
844:Warren G. Harding Presidential Center
456:Kaplan, Edward S. (March 16, 2008). "
7:
646:1920 Republican National Convention
458:The Fordney–McCumber Tariff of 1922
14:
1662:United States federal legislation
679:Inauguration of Warren G. Harding
450:, the standard scholarly history
1447:2021 (Infrastructure, PL 117–58)
926:
925:
654:
589:28th Lieutenant Governor of Ohio
470:American Trade Policy, 1923–1995
428:Explorations in Economic History
356:American Trade Policy, 1923–1995
319:American valuation; Dyes embargo
304:Republican Ascendancy, 1921–1933
291:American Trade Policy, 1923–1995
34:
25:
1667:1922 in international relations
741:Federal Aid Highway Act of 1921
581:President of the United States
508:Quarterly Journal of Economics
123:House Ways and Means Committee
1:
761:Great Railroad Strike of 1922
491:. Washington D.C.: CQ Press.
1437:2021 (Defense Authorization)
440:10.1016/0014-4983(92)90031-Q
1442:2021 (American Rescue Plan)
684:Washington Naval Conference
395:Journal of Southern History
16:1922 historical U.S. tariff
1688:
468:Kaplan, Edward S. (1996).
133:) was signed by President
904:
709:General Accounting Office
699:Budget and Accounting Act
652:
572:
366:General and cited sources
1672:1922 in economic history
828:The President's Daughter
736:Emergency Tariff of 1921
374:American Economic Review
277:Rothgeb, 2001, pp. 32–33
222:Emergency Tariff of 1921
131:Senate Finance Committee
806:Voyage of Understanding
781:Veterans Administration
751:Fordney–McCumber Tariff
726:Dyer Anti-Lynching Bill
689:Depression of 1920–1921
460:". Robert Whaples, ed.
227:Smoot–Hawley Tariff Act
68:Fordney–McCumber Tariff
1571:1922: Fordney–McCumber
871:Elizabeth Ann Blaesing
766:Knox–Porter Resolution
487:Rothgeb, John (2001).
1432:2020 (Appropriations)
1422:2020 (Families First)
1412:2018 (Appropriations)
883:Carolyn Harding Votaw
233:Reciprocal Tariff Act
100:and the White House.
1652:1922 in American law
1495:1828: "Abominations"
877:George Tryon Harding
801:Harding Railroad Car
704:Bureau of the Budget
639:Front porch campaign
336:Rothgeb, 2001, 30–32
81:American Farm Bureau
1556:1909: Payne–Aldrich
1546:1894: Wilson–Gorman
811:Teapot Dome scandal
776:Sheppard–Towner Act
771:Revenue Act of 1921
731:Emergency Quota Act
721:Capper–Volstead Act
462:EH.Net Encyclopedia
239:International trade
129:, the chair of the
121:, the chair of the
1576:1930: Smoot–Hawley
1475:1791: Hamilton III
746:Future Trading Act
354:Kaplan, Edward S.
289:Kaplan, Edward S.
54:Porter J. McCumber
1639:
1638:
1480:1792: Hamilton IV
1470:1790: Hamilton II
1367:2010 (PL 111-312)
1362:2010 (PL 111–240)
940:
939:
917:Calvin Coolidge →
786:Willis Graham Act
756:Grain Futures Act
566:Warren G. Harding
489:U.S. Trade Policy
158:That triggered a
106:Tariff Commission
46:Joseph W. Fordney
1679:
1631:2018/2019: Trump
1581:1934: Reciprocal
1505:1833: Compromise
1465:1789: Hamilton I
967:
960:
953:
944:
929:
928:
910:← Woodrow Wilson
865:Florence Harding
658:
592:
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559:
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502:
483:
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418:
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327:
313:
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300:
294:
287:
278:
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216:Underwood Tariff
146:Economic effects
52:(left) and Sen.
38:
29:
1687:
1686:
1682:
1681:
1680:
1678:
1677:
1676:
1642:
1641:
1640:
1635:
1616:1988: Canada FT
1566:1921: Emergency
1561:1913: Underwood
1490:1824: Sectional
1451:
1337:2007 (Mortgage)
1237:1983 (PL 98-76)
1232:1983 (PL 98-67)
983:
976:
971:
941:
936:
900:
853:
815:
667:
659:
650:
618:The Marion Star
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520:10.2307/1885907
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407:10.2307/2206791
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302:John D. Hicks,
301:
297:
293:, 1996, pp. 2–8
288:
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212:
171:
148:
127:Porter McCumber
89:
64:
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39:
31:
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17:
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11:
5:
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1541:1890: McKinley
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200:David I. Walsh
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135:Warren Harding
119:Joseph Fordney
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1536:1883: Mongrel
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1525:1861: Morrill
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1417:2019 (SECURE)
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1297:2001 (EGTRRA)
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1515:1846: Walker
1485:1816: Dallas
1427:2020 (CARES)
924:
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826:
820:Public image
750:
616:
612:Harding Tomb
607:Harding Home
511:
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469:
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434:(1): 30–50.
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58:North Dakota
18:
1621:1993: NAFTA
1510:1842: Black
1402:2017 (TCJA)
1377:2012 (ATRA)
889:Nan Britton
591:(1904–1906)
583:(1921–1923)
514:(1): 1–28.
263:Dollar 1973
76:US Congress
1646:Categories
1586:1948: GATT
1407:2018 (BBA)
1392:2015 (BBA)
1357:2010 (ACA)
1097:1940 (2nd)
895:Laddie Boy
891:(mistress)
873:(daughter)
665:Presidency
192:Henry Ford
160:tariff war
139:ad valorem
87:Background
1626:1994: WTO
1257:1986 Code
1157:1954 Code
1087:1939 Code
897:(pet dog)
716:Cable Act
250:Citations
190:In 1928,
169:Reactions
982:Internal
931:Category
885:(sister)
879:(father)
670:timeline
210:See also
60:(right).
50:Michigan
1596:1974/75
1457:Tariffs
1227:Gas Tax
984:Revenue
528:1885907
415:2206791
386:1804045
235:of 1934
229:of 1930
218:of 1913
72:tariffs
1347:Crisis
867:(wife)
858:Family
526:
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452:online
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384:
125:, and
1247:COBRA
524:JSTOR
411:JSTOR
382:JSTOR
44:Rep.
1611:1988
1606:1984
1601:1979
1591:1962
1532:1875
1529:1872
1520:1857
1500:1832
1397:2016
1387:2014
1382:2012
1372:2011
1352:2009
1342:2008
1332:2007
1327:2006
1322:2006
1317:2005
1312:2004
1307:2003
1302:2002
1292:1998
1287:1997
1282:1996
1277:1993
1272:1990
1267:1988
1262:1987
1252:1986
1242:1984
1222:1982
1217:1981
1212:1980
1207:1978
1202:1977
1197:1976
1192:1975
1187:1971
1182:1969
1177:1968
1172:1966
1167:1964
1162:1962
1152:1954
1147:1951
1142:1950
1137:1950
1132:1948
1127:1945
1122:1944
1117:1943
1112:1943
1107:1942
1102:1941
1092:1940
1082:1937
1077:1936
1072:1935
1067:1934
1062:1932
1057:1928
1052:1926
1047:1924
1042:1921
1037:1918
1032:1917
1027:1916
1022:1914
1017:1913
1012:1909
1007:1894
1002:1864
997:1862
992:1861
600:Life
578:29th
493:ISBN
474:ISBN
66:The
516:doi
436:doi
403:doi
324:218
56:of
48:of
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512:37
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432:29
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397:.
378:13
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282:^
270:^
108:.
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558:e
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