PRESIDENT SIGNS PROTECTIVE TARIFF INTO LAW
Washington, D.C. (JFK+50) On September 21, 1922, President Warren G. Harding signed into law the Tariff Act of 1922* saying, according to the Evening Star, it may prove to be "the greatest customs legislation in history."
The President signed the bill at 11 a.m. in his office at the White House. He used a gold-mounted fountain pen as sponsors Fordney and McCumber** looked on.
The President said...
"It will make the greatest contribution to tariff-making in the history of the government."
*The Tariff Act of 1922 raised average import taxes on all imported goods 15.2% in 1922 &36.3% in 1933.
According to www.encyclopedia.com the Harding administration sought to "both reduce the profitability of imports & (retaliate) against countries that sought to limit U.S. exports."
**Rep. Joseph W. Fordney of Michigan was chairman of the House Ways & Means Committee & Sen. Porter J. McCumber of North Dakota was chairman of the Senate Finance Committee.
JFK+50 NOTE
Encylopedia.com also states that the quantity of imports into the U.S. continued to rise & global economic conditions had a greater impact on trade than did the high protective tariff.
SOURCE
"Fordney-McCumber Tariff," www.encyclopedia.com/
