Walker tariff

The Walker Tariff was a set of tariff rates adopted by the United States in 1846. The Walker Tariff was enacted by the Democrats, and made substantial cuts in the high rates of the "Black Tariff" of 1842, enacted by the Whigs. It was based on a report by Secretary of the Treasury Robert J. Walker. The Walker Tariff reduced tariff rates from 32% to 25%; it coincided with Britain's repeal of the Corn Laws and led to an increase in trade. It was one of the lowest tariffs in American history.

Democrat James K. Polk was elected President in 1844 over Whig Party (United States) Henry Clay, a high tariff advocate.

President Polk declared that reduction of the "Black Tariff" would be the first of the "four great measures" that would define his administration. He directed Walker to work out the details. In 1846, Polk delivered Walker's tariff proposal to Congress. Walker urged its adoption in order to increase commerce between the U.S. and Britain. He also predicted that a reduction in tariff rates would stimulate trade, including imports. The result, asserted Walker, would be a net increase in customs revenue despite the reduced rates.

Congress, then controlled by Democrats, acted quickly on Walker's recommendations. Southern Democrats, who had little industry in their states, were especially supportive.

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.

...
Wikipedia