1789-2025
DECADES OF
Tariff Policies
With tariffs dominating headlines since early 2018, many might wonder what the story is behind such policies. Tariffs are essentially a tax to be paid on imports or exports and have a long history of use in the United States – beginning just after gaining independence as a nation. Explore this interactive timeline to discover the very first uses of tariffs and the reasons behind their creation.
17 00
1789
The Tariff Act of 1789
1807
1800
The Embargo Act of 1807
Tariff of 1812
1812
1828
Tariff of Abominations
1846
The Walker Tariffs
1861
The Morrill Tariff
Next
www.usfunds.com
18 00
1865
The Reconstruction Era
1913
the Underwood Tariff
1900
Tariff Act of 1930
1930
historycentral.com
1947
The GATT Tariff
1974
THE TRADE ACT OF 1974
1994
1990
Protectionist Policies
1995
World Trade Organization
Next
www.usfunds.com
2000
2018
Trump Tariffs
2019
Chinese Tariffs
2020
2025
New Trump Tariffs
2025
China's retaliation
"Liberation Day"
2025
April 2025
Elevating the Tariffs
April 2025
145% Tariff
Next
www.usfunds.com
2025
JUNE 4
Steel & ALuminum
JUNE 12
Household Appliances
JUNE 30
June's CPI Report
JULY 8
Uncertainty
Section 232
JULY 9
JULY 11-12
WHere are we now...
Next
www.usfunds.com
Tariffs have once again taken center stage in U.S. economic policy under President Donald Trump’s second administration. Historically used to generate government revenue and shield domestic industries, tariffs are now being aggressively leveraged to reshape global trade dynamics. Since returning to office, the Trump administration has reinstated and expanded tariffs on a wide range of imports—including those from China, Mexico, Canada, the European Union, and Brazil. The stated goals are to strengthen American manufacturing, reduce the trade deficit, protect national security, and encourage economic self-sufficiency. However, the sweeping measures have triggered retaliatory tariffs, heightened inflationary pressures, and stirred fears of a global trade slowdown. While tariff revenue has surged—topping $64 billion since April 2025—the long-term impact on consumers, supply chains, and international relations remains uncertain.
To Be Continued...
Check out some of our latest articles on Tariffs.
Trump’s Coal Comeback Could Face a Brutal Economic Reality
Effective Tariff Rate Hits 1909 Levels as Global Trade War Explodes
Read
Read
Trump Tariffs Trigger Collapse in China-to-U.S. Shipping Volumes
Tariff War Truce Triggers Shipping Surge
Read
Read
Stay Informed!
Want the latest updates on tariffs and other market-moving events? Subscribe to the weekly Investor Alert newsletter with our investment team’s unique insights.
Subscribe!
www.usfunds.com
July 11-12, 2025
Trump announces 35% tariff on Canadian goods, 30% tariffs on EU & Mexico, set for Aug 1
1789
The Tarriff Act of 1789
The Tariff Act of 1789 was designed to protect manufacturing in the U.S. and generate revenue for the government. It was the first major piece of legislation passed since the ratification of the Constitution and was signed by President George Washington. After the American Revolution, the U.S. was unable to reach trade deals with most European nations and needed to prevent a flood of foreign goods from damaging domestic manufacturers.
1861
The Morrill Tariffs
Rates slowly lowered from 1846 onward; however, the North was still unhappy. The Morrill Tariff was implemented shortly before President Abraham Lincoln took office, and was only passed because the Southern Senators walked out when their respective states left the Union. The Civil War had begun and rates were raised due to the cash needed for wartime.
June 30, 2025
June CPI Report
The June Consumer Price Index (CPI) report, with its subtle shifts, reveals how tariffs are quietly reshaping consumer prices, particularly in sectors heavily reliant on imports. Read more here.
1913
The Underwood Tariff
The 16th amendment was ratified, which permanently legalized the income tax. Tariffs were then lowered with the Underwood Tariff since income tax was now the main source of generating revenue for the government.
July 8, 2025
90-Day Pause Ends
Only to be extended, for the most part, until August 1. We think. Maybe. The presence of tariff-related uncertainty is highest for manufacturing firms, a heavily trade-sensitive sector, where nearly 90 percent of execs reported facing tariff-related uncertainty in June.
1930
The Smoot-Hawley Tariff
The Tariff Act of 1930, also known as the Smoot-Hawley Tariff, was a protectionist policy that raised tariffs to a near historic high and resulted in reciprocal tariffs from most trading partners. Consensus view is that the tariffs actually exacerbated the effects of the 1929 stock market crash, rather than aid in recovery. Imports and exports during the Great Depression dropped by more than half. The average tariff rate on dutiable imports rose from 40.1 percent in 1929 to 59.1 percent in 1932.
Washington State Archives/Digital Archives
June 12, 2025
Household Appliances
Steel tariffs applied to household appliances
1995
World Trade Organization (WTO)
The World Trade Organization (WTO) was formed in January 1995 under the Marrakesh Agreement and was signed by 123 nations, replacing GATT. It is the largest international economic organization in the world and deals with regulation of trade between participating countries. The WTO also has a dispute resolution process and prohibits discrimination between trading partners, although does provide some exceptions.
2018
Trump's Steel Tariffs
President Donald Trump announced a 25 percent tariff on steel and a 10 percent tariff on aluminum imports, after earlier in the year announcing a tariff on imported solar panels and washing machines. Nearly a year after imposition, the U.S., Canada and Mexico reached a deal to remove the tariffs in May 2019.
March 3, 2025
Trump's New Tariffs
President Donald Trump imposed a 25% tariff on imports from Mexico and Canada and increased tariffs on Chinese goods by 10%, citing concerns over illegal immigration and drug trafficking.
1807
The Embargo Act
The Embargo Act of 1807 prohibited American ships from trading in all foreign ports. President Thomas Jefferson passed the Act in response to the British-French war, which saw American ships seized by both sides, since the U.S. was neutral in the conflict.
1865
The Reconstruction Era
After the Civil War, tariffs remained high to protect Northern manufacturers, with levels averaging 38 to 52 percent from 1865 to 1913, as U.S. manufacturing and imports grew. During this period, the U.S. also struggled to integrate freed slaves into society. The Reconstruction era saw the passage of the 13th, 14th, and 15th Amendments, which abolished slavery, granted citizenship, and secured voting rights for African American men.
1828
Tariff of Abominations
The Tariff of 1828, known by many in the South as the “Tariff of Abominations,” was created during the presidency of John Quincy Adams to protect the industry in the North. It set a 38 percent tax on 92 percent of imported goods and a 45 percent tax on raw materials, such as tobacco and cotton. This was one of the first major issues that began to divide the North and the South leading up to the Civil War.
1812
The Tariffs of 1812
Ultimately the War of 1812 broke out between the U.S. and Britain due to Britain blocking off neutral trade with France. Tariffs were raised after the war to generate income for the government and continue to protect U.S. industries from the influx of cheaper British goods.
1974
The Trade Act of 1974
The Trade Act of 1974 was passed to create fast track authority for the president to negotiate trade agreements that Congress can approve or disapprove, but cannot amend or filibuster. The Act was meant to help the U.S. become more competitive and give the president tariff negotiating authority.
March 4, 2025
Chinese Retaliation Tariffs
China retaliated by imposing a 15% tariff on U.S. agricultural products, including chicken, wheat, corn, and cotton, and a 10% tariff on sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables, and dairy products.
1947
The General Agreement Tariff
The General Agreement on Tariffs and Trade (GATT) was signed by 23 nations in Geneva following World War II to promote international trade by reducing or eliminating tariffs and quotas. This remained in place until a larger agreement was signed in 1995.
Stanford University Library
2019
Chinese Tariffs
President Donald Trump imposed tariffs on Chinese imports due to Chinese theft of U.S. intellectual property. China then imposed tit-for-tat tariffs on American imports. Several additional rounds of tariffs have been levied and the so called “trade war” remains ongoing as of June 2019, despite multiple rounds of negotiating between the two nations.
April 8-9, 2025
Elevated tariffs for most countries are suspended for 90 days to allow for trade negotiations. The 10% universal tariff remains in effect.Tariffs on Chinese goods are increased to 125%.China responds with tariffs up to 125% on U.S. products. China imposes an 84% levy on U.S. goods in retaliation.
April 11, 2025
Tariffs on Chinese goods reach 145%, marking a significant escalation in the trade conflict. Then 125% before a China and U.S. negotiated 30%/10% deal
April 2, 2025
"Liberation Day"
A 10% universal tariff is imposed on all imports.Higher tariffs (11%–50%) are announced for 57 countries, based on trade deficits. Markets react negatively, with significant declines.
July 9, 2025
Section 232
Section 232 action triggers 50% tariffs on copper and goods from Brazil (effective Aug 1). Brazil is the 15th largest U.S. trading partner, with total two-way trade of $92 billion in 2024, and a rare $7.4 billion U.S. trade surplus, according to U.S. Census Bureau data.
1994
North American Free Trade Agreement (NAFTA)
Protectionist policies had largely been dropped during the Reagan and Bush administrations in favor of minimal economic barriers to global trade. In 1994 the North American Free Trade Agreement (NAFTA) was ratified to ease trade between the U.S., Mexico and Canada.
June 4, 2025
Steel & Aluminum
Steel & aluminum tariffs deepen to 50%; auto-appliance tariffs expanded
1846
The Walker Tariffs
In 1846, after James K. Polk was elected president, he signed the Walker Tariff, which was crafted by Robert J. Walker, the Secretary of the Treasury at the time. The tariff aimed to unite the North and South by implementing a “tariff for revenue only” (at this point, there was no income tax). Its goal was to fund the government without favoring one region over the other. The Walker Tariff set average tariffs at around 25 percent, which helped appease the South but still angered the North.
Decades of Tariffs
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Transcript
1789-2025
DECADES OF
Tariff Policies
With tariffs dominating headlines since early 2018, many might wonder what the story is behind such policies. Tariffs are essentially a tax to be paid on imports or exports and have a long history of use in the United States – beginning just after gaining independence as a nation. Explore this interactive timeline to discover the very first uses of tariffs and the reasons behind their creation.
17 00
1789
The Tariff Act of 1789
1807
1800
The Embargo Act of 1807
Tariff of 1812
1812
1828
Tariff of Abominations
1846
The Walker Tariffs
1861
The Morrill Tariff
Next
www.usfunds.com
18 00
1865
The Reconstruction Era
1913
the Underwood Tariff
1900
Tariff Act of 1930
1930
historycentral.com
1947
The GATT Tariff
1974
THE TRADE ACT OF 1974
1994
1990
Protectionist Policies
1995
World Trade Organization
Next
www.usfunds.com
2000
2018
Trump Tariffs
2019
Chinese Tariffs
2020
2025
New Trump Tariffs
2025
China's retaliation
"Liberation Day"
2025
April 2025
Elevating the Tariffs
April 2025
145% Tariff
Next
www.usfunds.com
2025
JUNE 4
Steel & ALuminum
JUNE 12
Household Appliances
JUNE 30
June's CPI Report
JULY 8
Uncertainty
Section 232
JULY 9
JULY 11-12
WHere are we now...
Next
www.usfunds.com
Tariffs have once again taken center stage in U.S. economic policy under President Donald Trump’s second administration. Historically used to generate government revenue and shield domestic industries, tariffs are now being aggressively leveraged to reshape global trade dynamics. Since returning to office, the Trump administration has reinstated and expanded tariffs on a wide range of imports—including those from China, Mexico, Canada, the European Union, and Brazil. The stated goals are to strengthen American manufacturing, reduce the trade deficit, protect national security, and encourage economic self-sufficiency. However, the sweeping measures have triggered retaliatory tariffs, heightened inflationary pressures, and stirred fears of a global trade slowdown. While tariff revenue has surged—topping $64 billion since April 2025—the long-term impact on consumers, supply chains, and international relations remains uncertain.
To Be Continued...
Check out some of our latest articles on Tariffs.
Trump’s Coal Comeback Could Face a Brutal Economic Reality
Effective Tariff Rate Hits 1909 Levels as Global Trade War Explodes
Read
Read
Trump Tariffs Trigger Collapse in China-to-U.S. Shipping Volumes
Tariff War Truce Triggers Shipping Surge
Read
Read
Stay Informed!
Want the latest updates on tariffs and other market-moving events? Subscribe to the weekly Investor Alert newsletter with our investment team’s unique insights.
Subscribe!
www.usfunds.com
July 11-12, 2025
Trump announces 35% tariff on Canadian goods, 30% tariffs on EU & Mexico, set for Aug 1
1789
The Tarriff Act of 1789
The Tariff Act of 1789 was designed to protect manufacturing in the U.S. and generate revenue for the government. It was the first major piece of legislation passed since the ratification of the Constitution and was signed by President George Washington. After the American Revolution, the U.S. was unable to reach trade deals with most European nations and needed to prevent a flood of foreign goods from damaging domestic manufacturers.
1861
The Morrill Tariffs
Rates slowly lowered from 1846 onward; however, the North was still unhappy. The Morrill Tariff was implemented shortly before President Abraham Lincoln took office, and was only passed because the Southern Senators walked out when their respective states left the Union. The Civil War had begun and rates were raised due to the cash needed for wartime.
June 30, 2025
June CPI Report
The June Consumer Price Index (CPI) report, with its subtle shifts, reveals how tariffs are quietly reshaping consumer prices, particularly in sectors heavily reliant on imports. Read more here.
1913
The Underwood Tariff
The 16th amendment was ratified, which permanently legalized the income tax. Tariffs were then lowered with the Underwood Tariff since income tax was now the main source of generating revenue for the government.
July 8, 2025
90-Day Pause Ends
Only to be extended, for the most part, until August 1. We think. Maybe. The presence of tariff-related uncertainty is highest for manufacturing firms, a heavily trade-sensitive sector, where nearly 90 percent of execs reported facing tariff-related uncertainty in June.
1930
The Smoot-Hawley Tariff
The Tariff Act of 1930, also known as the Smoot-Hawley Tariff, was a protectionist policy that raised tariffs to a near historic high and resulted in reciprocal tariffs from most trading partners. Consensus view is that the tariffs actually exacerbated the effects of the 1929 stock market crash, rather than aid in recovery. Imports and exports during the Great Depression dropped by more than half. The average tariff rate on dutiable imports rose from 40.1 percent in 1929 to 59.1 percent in 1932.
Washington State Archives/Digital Archives
June 12, 2025
Household Appliances
Steel tariffs applied to household appliances
1995
World Trade Organization (WTO)
The World Trade Organization (WTO) was formed in January 1995 under the Marrakesh Agreement and was signed by 123 nations, replacing GATT. It is the largest international economic organization in the world and deals with regulation of trade between participating countries. The WTO also has a dispute resolution process and prohibits discrimination between trading partners, although does provide some exceptions.
2018
Trump's Steel Tariffs
President Donald Trump announced a 25 percent tariff on steel and a 10 percent tariff on aluminum imports, after earlier in the year announcing a tariff on imported solar panels and washing machines. Nearly a year after imposition, the U.S., Canada and Mexico reached a deal to remove the tariffs in May 2019.
March 3, 2025
Trump's New Tariffs
President Donald Trump imposed a 25% tariff on imports from Mexico and Canada and increased tariffs on Chinese goods by 10%, citing concerns over illegal immigration and drug trafficking.
1807
The Embargo Act
The Embargo Act of 1807 prohibited American ships from trading in all foreign ports. President Thomas Jefferson passed the Act in response to the British-French war, which saw American ships seized by both sides, since the U.S. was neutral in the conflict.
1865
The Reconstruction Era
After the Civil War, tariffs remained high to protect Northern manufacturers, with levels averaging 38 to 52 percent from 1865 to 1913, as U.S. manufacturing and imports grew. During this period, the U.S. also struggled to integrate freed slaves into society. The Reconstruction era saw the passage of the 13th, 14th, and 15th Amendments, which abolished slavery, granted citizenship, and secured voting rights for African American men.
1828
Tariff of Abominations
The Tariff of 1828, known by many in the South as the “Tariff of Abominations,” was created during the presidency of John Quincy Adams to protect the industry in the North. It set a 38 percent tax on 92 percent of imported goods and a 45 percent tax on raw materials, such as tobacco and cotton. This was one of the first major issues that began to divide the North and the South leading up to the Civil War.
1812
The Tariffs of 1812
Ultimately the War of 1812 broke out between the U.S. and Britain due to Britain blocking off neutral trade with France. Tariffs were raised after the war to generate income for the government and continue to protect U.S. industries from the influx of cheaper British goods.
1974
The Trade Act of 1974
The Trade Act of 1974 was passed to create fast track authority for the president to negotiate trade agreements that Congress can approve or disapprove, but cannot amend or filibuster. The Act was meant to help the U.S. become more competitive and give the president tariff negotiating authority.
March 4, 2025
Chinese Retaliation Tariffs
China retaliated by imposing a 15% tariff on U.S. agricultural products, including chicken, wheat, corn, and cotton, and a 10% tariff on sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables, and dairy products.
1947
The General Agreement Tariff
The General Agreement on Tariffs and Trade (GATT) was signed by 23 nations in Geneva following World War II to promote international trade by reducing or eliminating tariffs and quotas. This remained in place until a larger agreement was signed in 1995.
Stanford University Library
2019
Chinese Tariffs
President Donald Trump imposed tariffs on Chinese imports due to Chinese theft of U.S. intellectual property. China then imposed tit-for-tat tariffs on American imports. Several additional rounds of tariffs have been levied and the so called “trade war” remains ongoing as of June 2019, despite multiple rounds of negotiating between the two nations.
April 8-9, 2025
Elevated tariffs for most countries are suspended for 90 days to allow for trade negotiations. The 10% universal tariff remains in effect.Tariffs on Chinese goods are increased to 125%.China responds with tariffs up to 125% on U.S. products. China imposes an 84% levy on U.S. goods in retaliation.
April 11, 2025
Tariffs on Chinese goods reach 145%, marking a significant escalation in the trade conflict. Then 125% before a China and U.S. negotiated 30%/10% deal
April 2, 2025
"Liberation Day"
A 10% universal tariff is imposed on all imports.Higher tariffs (11%–50%) are announced for 57 countries, based on trade deficits. Markets react negatively, with significant declines.
July 9, 2025
Section 232
Section 232 action triggers 50% tariffs on copper and goods from Brazil (effective Aug 1). Brazil is the 15th largest U.S. trading partner, with total two-way trade of $92 billion in 2024, and a rare $7.4 billion U.S. trade surplus, according to U.S. Census Bureau data.
1994
North American Free Trade Agreement (NAFTA)
Protectionist policies had largely been dropped during the Reagan and Bush administrations in favor of minimal economic barriers to global trade. In 1994 the North American Free Trade Agreement (NAFTA) was ratified to ease trade between the U.S., Mexico and Canada.
June 4, 2025
Steel & Aluminum
Steel & aluminum tariffs deepen to 50%; auto-appliance tariffs expanded
1846
The Walker Tariffs
In 1846, after James K. Polk was elected president, he signed the Walker Tariff, which was crafted by Robert J. Walker, the Secretary of the Treasury at the time. The tariff aimed to unite the North and South by implementing a “tariff for revenue only” (at this point, there was no income tax). Its goal was to fund the government without favoring one region over the other. The Walker Tariff set average tariffs at around 25 percent, which helped appease the South but still angered the North.