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Emergency Tariff of 1921
The Emergency Tariff of 1921 of the United States was enacted on May 27, 1921. Due to the Underwood Tariff passed during the administration of President Woodrow Wilson, Republican leaders in the United States Congress rushed to create a temporary measure to ease the plight of farmers until a better solution could be put into place. With growing unrest in the American public, President Warren G. Harding and Congress passed the tariff.
==Causes==
In the 1920s, the most disconcerting economic issue was declining farm profits. From 1900-1920, American farmers had prospered while European agriculture suffered serious disruption due to World War I, therefore prices soared. Beginning in 1919, Europeans closed their markets by implementing tariff barriers. This period of American agricultural prosperity due to rising demand concluded by the early 1920s. While American farms continued to grow due to previous wartime price and technological advances, European demand for American farm products declined and prices plummeted.〔Unto a Good Land, Volume 2: A History of the American People: From 1865 By David Edwin Harrell, Jr., Edwin S. Gaustad, John B. Boles〕 Wheat price fell from $2.50 to under a dollar a bushel by late 1921. Many farmers found themselves unable to meet their loan repayments. Additionally, overproduction was depressing the profitability of the agriculture industry. With falling prices (due to low demand) and overproduction, farmers faced a serious problem.〔The twenties in America: politics and history By Niall A. Palmer〕
The Emergency Tariff raised duties on most imported agricultural products, such as corn, wheat, sugar, wool, meat and more.〔
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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