Fordney-McCumber Tariff
A law that raised tariffs on many imported goods to protect factories and farms
Real World Example
The Fordney-McCumber Tariff, enacted in 1922, significantly raised tariffs on imported goods to protect U.S. industries and farmers, contributing to the economic boom of the 1920s. This tariff highlighted the tension between protectionism and free trade, an issue that remains relevant in today's global economy. By making foreign goods more expensive, the tariff encouraged Americans to buy domestically, which boosted local businesses and employment. Today, similar trade policies can affect what products are available and at what prices, influencing the choices consumers make. For example, if a modern government imposes high tariffs on imported electronics, people might find fewer options or higher prices when shopping for new gadgets.
