Part 5/9:
As the U.S. economy evolved, so too did opinions on tariffs. By the late 19th century, calls for tariff reductions emerged amid economic pressures like the Panic of 1893. The era of the Progressive movement saw increased advocacy against tariffs, emphasizing their contributions to monopolies and market disadvantages.
The tariff landscape drastically shifted post-Great Depression. The Smoot–Hawley Tariff Act (1930) aimed to shield American jobs but backfired as foreign countries retaliated, deepening the economic crisis. In contrast, after World War II, a focus on free trade took precedence, leading to a global decline in tariffs and lower consumer prices.