Tariff
A tariff is a tax on imports or exports between sovereign states. It is a form of regulation of foreign trade. It is a policy that taxes foreign products to encourage or protect domestic industry. It helps limit trade deficits. The tariff is historically used to protect infant industries and to allow import substitution industrialization.
Tariff of 1833
The Tariff of 1833 was ultimately abandoned in favor of the Black Tariff of 1842, and protectionism was reinstated. Average tariff rates nearly doubled from the initial 20% target for 1842 to about 40%, and the percentage of dutiable goods jumped from about 50% of all imports to over 85% of all imports. For some goods, such as those made with iron, the import tax constituted about two thirds of the overall price of the good. Unsurprisingly, the impact of the Black Tariff of 1842 was immediate: as the cost of imports jumped, there was a sharp decline in international trade in 1843.