Which of the following best describes the history of tariffs in the United States over the past 70 years?
A) Tariffs were at their highest level in the 1970s and now average just over 10 percent.
B) Tariffs have declined overall since the early 1930s and now average just over 10 percent.
C) Tariffs reached a maximum in the early 1930s and now average less than 5 percent.
D) Average tariff rates have not changed much since the early 1930s and are less than 5 percent.

Question

Quizplus · Accepted Answer

Tariffs in the United States have generally been on a downward trend since the early 1930s, following the Smoot-Hawley Tariff Act of 1930, which had raised tariffs to historically high levels. This trend towards lower tariffs has been part of broader efforts to promote free trade globally. Currently, the average tariff rate in the United States is indeed less than 5 percent, reflecting decades of trade liberalization efforts, including the negotiation of free trade agreements and participation in the World Trade Organization.

Which of the Following Best Describes the History of Tariffs