Changes

A '''tariff''' is a [[tax]] or custom duty on an imported [[good]].  It essentially is a cover charge or entrance fee for access to a domestic market. It can take one of two forms:  (1) a tax per unit, known as a specific tariff, or (2) a tax based on the value of the good, known as an ''[[Ad valorem tax|ad valorem]]'' tariff.

A '''tariff''' is a [[tax]] or custom duty on an imported [[good]] ultimately paid by the end [[consumer]].  It essentially is a cover charge or entrance fee on foreign goods for access to a domestic market. It can take one of two forms:  (1) a tax per unit, known as a specific tariff, or (2) a tax based on the value of the good, known as an ''[[Ad valorem tax|ad valorem]]'' tariff.

Prior to the [[income tax]], tariffs were the principal way for most of [[American history]] to support the [[federal]] government. In 1896, President [[William McKinley]] campaigned and won by pledging to increase tariffs to revive the [[American]] economy, which he did in 1897.  Prior the [[Civil War]], the North favored tariffs to promote their manufacturing, while [[the South]] opposed tariffs in order to export [[cotton]] without retaliatory tariffs.

Prior to the [[income tax]], tariffs were the principal way for most of [[American history]] to support the [[federal]] government. In 1896, President [[William McKinley]] campaigned and won by pledging to increase tariffs to revive the [[American]] economy, which he did in 1897.  Prior the [[Civil War]], the North favored tariffs to promote their manufacturing, while [[the South]] opposed tariffs in order to export [[cotton]] without retaliatory tariffs.