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In the short term, this plan boosted the economy of the U.S. and made the country an economic superpower. It did this by encouraging purchases with American businesses, boosting the overall GDP rather than purchasing from foreign countries. In the long term, this plan and event had an impact on how the government would collect money and raise revenue. This set a template for future Americans to come on how to deal with tariffs and when to impose them.
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This act put Hamilton’s plan into action by placing a 8% tax on foreign goods. American businesses grew fast after tariffs like this one were passed.
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We were cleared to only use 1 event by Ms. Reed
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This Act increased the tariffs on iron, wool, cotton and agricultural products to protect American manufacturers from cheap British goods that involved these products. The long term impact of this Act was to explain the procedure to take when a cheap foreign good is in high demand for Americans, and how tariffs could prevent American manufacturers of the same product from slowing down and bringing the economy down with it.
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This increased imports in the US from foreign countries. Like most tariffs, it just slightly domestic industrial growth as well as strengthened the economy.
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This increased the import tariff for all goods from foreign countries to further encourage domestic growth and foster the wages of industrial workers.
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By ending this tariff, it became easier to trade with other countries and made better trade relations with other countries.
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The creation of the GATT helped lower the effects of the great depression while also creating stable trade relations with involved countries.
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This tariff placed a small 8% tax on steel from Belgium, Canada, and Germany. This helped the poorer American steel businesses and promoted purchases from them.
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This agreement eliminated tariffs between the United States, Canada, and Mexico. This is the largest trade agreement in the world at the time.
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Trade relationships with China overall will decrease, and certain Chinese goods will be purchased less and China will import the U.S. 's goods less as well.
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If the trade war continues for a long time, the national economy could go down from buying products for more than they used to.
