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.
Walker tariff
The Walker Tariff produced the nation's first standardized tariff: rather than setting fixed rates for specific items on a case-by-case basis, it established general schedules into which all goods could be classified, subject to defined ad valorem rates. The bill reduced rates across the board on most major import items save luxury goods such as tobacco and alcoholic beverages.