Increased tariffs

Definition

Increased tariffs refer to the raising of taxes or duties on imported goods, which leads to higher prices for those goods within a country. In the context of the Civil War, increased tariffs were implemented as part of federal legislation.

Related terms

Morrill Tariff Act: The Morrill Tariff Act was passed in 1861 and significantly raised tariffs on various imported goods. It aimed to protect American industries during the Civil War.

Revenue Tariffs: Revenue tariffs are taxes imposed on imports primarily to generate revenue for the government rather than protecting domestic industries. They are typically lower than protective tariffs.

Protectionism: Protectionism refers to government policies that aim to shield domestic industries from foreign competition through measures such as increased tariffs. It can be seen as an economic strategy during times like war or periods of industrial development.