USA HISTORY

Detailed explanation-1: -The colonizing country would convert the materials into manufactured wares, which it would sell back to the colonies. High tariffs and other barriers were implemented to ensure that colonies only purchased manufactured goods from their home countries.

Detailed explanation-2: -Tariffs are a tax levied on imported goods and were the dominant source of the federal government’s revenue in the 19th century. Tariffs were also used for protectionist purposes, benefiting largely northern manufacturing businesses and effectively raising the costs to southern agricultural exporting industries.

Detailed explanation-3: -Tariffs have three primary functions: to serve as a source of revenue, to protect domestic industries, and to remedy trade distortions (punitive function). The revenue function comes from the fact that the income from tariffs provides governments with a source of funding.

Detailed explanation-4: -The tariff of 1828 raised taxes on imported manufactures so as to reduce foreign competition with American manufacturing. Southerners, arguing that the tariff enhanced the interests of the Northern manufacturing industry at their expense, referred to it as the Tariff of Abominations.

Detailed explanation-5: -Tariffs are taxes imposed on the imports by a country for providing protection to its domestic industries. Imposition of tariffs increases the price of imported goods in the domestic country.