Foreign Competition In The 19th Century

176 Words1 Pages
Throughout the late nineteenth century, the United States of America underwent rapid economic development and surfaced as one of the world’s leading industrial powers. During this part of the century, the United States of America also preserved exponentially high import tariffs that focused on keeping out foreign manufactured goods. Intrinsically, tariffs were taxes on nonnative imports being sent into America. Tariffs denoted that foreign products could not challenge American goods because the addition of tariff fees to their vending prices would make them more costly than American manufactured goods. Therefore, American producers did not have to fret over foreign competition and could posit any prices they wished. For the latter of the nineteenth