Tariff - Wikipedia https://en.wikipedia.

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On June 15, 1903, the Secretary of State for Foreign Affairs, Henry Petty-Fitzmaurice, 5th Marquess
of Lansdowne, made a speech in the House of Lords in which he defended fiscal retaliation against
countries that applied high tariffs and whose governments subsidized products sold in Britain (known
as "premium products", later called "dumping"). The retaliation was to take the form of threats to
impose duties in response to goods from that country. Liberal unionists had split from the liberals,
who advocated free trade, and this speech marked a turning point in the group's slide toward
protectionism. Landsdowne argued that the threat of retaliatory tariffs was similar to gaining respect
in a room of gunmen by pointing a big gun (his exact words were "a gun a little bigger than everyone
else's"). The "Big Revolver" became a slogan of the time, often used in speeches and cartoons.[12]

In response to the Great Depression, Britain finally abandoned free trade in 1932 and reintroduced
tariffs on a large scale, noticing that it had lost its production capacity to protectionist countries like
the United States and Germany.[11]

United States

Before the new Constitution took effect in 1788, the Congress

could not levy taxes—it sold land or begged money from the
states. The new national government needed revenue and decided
to depend upon a tax on imports with the Tariff of 1789.[13] The
policy of the U.S. before 1860 was low tariffs "for revenue only"
(since duties continued to fund the national government).[14] A
high tariff was attempted in 1828 but the South denounced it as a
Average tariff rates (France, UK,
"Tariff of Abominations" and it almost caused a rebellion in South
US)
Carolina until it was lowered.[15]

Between 1816 and the end of the Second World War, the United
States had one of the highest average tariff rates on manufactured
imports in the world. According to Paul Bairoch, the United
States was "the homeland and bastion of modern
protectionism"during this period [16]

Many American intellectuals and politicians during the country's

catching-up period felt that the free trade theory advocated by Average tariff rates in US
British classical economists was not suited to their country. They (1821–2016)
argued that the country should develop manufacturing industries
and use government protection and subsidies for this purpose, as
Britain had done before them. Many of the great American
economists of the time, until the last quarter of the 19th century,
were strong advocates of industrial protection: Daniel Raymond
who influenced Friedrich List, Mathew Carey and his son Henry,
who was one of Lincoln's economic advisers. The intellectual
leader of this movement was Alexander Hamilton, the first
Secretary of the Treasury of the United States (1789-1795). Thus, US Trade Balance and Trade Policy
it was against David Ricardo's theory of comparative advantage (1895–2015)
that the United States protected its industry. They pursued a
protectionist policy from the beginning of the 19th century until
the middle of the 20th century, after the Second World War.[16][17]

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