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Emergency Tariff of 1921

Great Seal of the United States

Long title An Act Imposing temporary duties upon certain agricultural products to meet present emergencies, and to provide revenue; to regulate commerce with foreign countries; to prevent dumping of foreign merchandise on the markets of the United States; to regulate the value of foreign money; and for other purposes.

Enacted by the 67th United States Congress

Effective May 27, 1921

Citations

Public law Pub.L. 67–10

Statutes at Large Sess I, ch. 14, 42 Stat. 9–19

Legislative history

Introduced in the House as H.R. 2435 by ? on ?

Committee consideration by ?

Passed the House on April 15, 1921 (269–111)

Passed the Senate on May 11, 1921 (63–28)

Reported by the joint conference committee on May ?, 1921; agreed to by the Senate on May 20, 1921 (53–25) and by the House on May 23, 1921 (246–98)

Signed into law by President Warren G. Harding on May 27, 1921

The Emergency Tariff of 1921 of the United States was enacted on May 27, 1921. The Underwood Tariff, passed under President Woodrow Wilson, had Republican leaders in the United States Congress rush to create a temporary measure to ease the plight of farmers until a better solution could be put into place. With growing unrest in the American public, President Warren G. Harding and Congress passed the tariff.

In the 1920s, the most disconcerting economic issue was declining farm profits. From 1900 to 1920, American farmers had prospered while European agriculture suffered serious disruption during World War I, which made prices soar.

In 1919, Europeans began to close their markets by implementing tariff barriers. The period of American agricultural prosperity caused by rising demand had ended by the early 1920s. While American farms continued to grow because of previous wartime price and technological advances, the European demand for American farm products declined, and prices plummeted.

Wheat price fell from $2.50 to under $1.00 a bushel by late 1921. Many farmers found themselves unable to meet their loan repayments. Additionally, overproduction was depressing the profitability of the agriculture industry. With falling prices, low demand, and overproduction, farmers faced a serious problem.[2]

The Emergency Tariff raised duties on most imported agricultural products, such as corn, wheat, sugar, wool, and meat.

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The emergency tariff of 1921 was associated with the increase in the rate of sugar, meat, wheat, and wool in the United States from other foreign countries.

The economic impact of the Emergency Tariff of 1921 includes:

  • Increased in the rate of importing of wheat and meat from other nations.

  • In the 1920s, the economic issue raised was the decline in farming profits.

  • The American farmers prospered, while the Europeans suffered disruption after World War I.

  • In 1919, the European markets closed by implementing tariff barriers.

Thus, the economic impact includes the increment in the rate of farm goods and agricultural practices.

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