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.
1912 United States presidential election
Before the ratification of the Sixteenth Amendment to the United States Constitution (1913), the funding of the United States government heavily relied upon tariffs. Tariffs are a direct taxation of raw materials and manufactured goods with regard to trade. This issue was key in fracturing the Republican Party. Early in his term, President Taft had promised to stand for a lower tariff bill. Protectionism was major policy of the business oriented Republican Party.