Fordney–McCumber Tariff
1922 historical U.S. tariff / From Wikipedia, the free encyclopedia
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The Fordney–McCumber Tariff of 1922 was a law that raised American tariffs on many imported goods to protect factories and farms. The US Congress 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.[1] However, 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.[2] According to the American Farm Bureau, farmers lost more than $300 million annually as a result of the tariff.[3]