Free_Trade

Free Trade “An ACT for laying DUTY on GOODS, WARES, and MERCHANDIZES imported into the UNITED STATES” “Whereas it is necessary for the support of government, for the discharge of the debts of the United States, and the encouragement and protection of manufacturers, that duties be laid on goods, wares, and merchandizes imported.” These words begin the 2nd bill passed by the U.S. Congress, in 1789, and was endorsed by Thomas Jefferson and James Madison. President Lincoln launched America’s steel industry when he refused to import steel from England for the Transcontinental Railroad. President Franklin Roosevelt protected oil and President Kennedy protected textiles. The United States was built on protectionism and, for more than a century, financed it with tariffs. And it worked. In 2002, President Bush announced tariffs on imported steel from the European Union. He did this to protect our steel industry saying “I decided these imports were severely affecting … an important industry.” Above, I have listed examples to why politicians might impose protectionist policies. One is to raise revenue, as evident by the bill passed in 1789. Another is to shield a new industry such as President Lincoln did when he enabled the America jobs, industry, steel, president, nafta, costs, competition, united, support, states, protectionism, production, over, mexico, imports, imported, goods, free-trade, country, wares, trade, tariffs, saved, same, public, protectionist, protected, policies, passed, one, new, merchandizes, lost, lincoln, laid