Trump’s Gilded Age Tariff Push: A Historical Misreading?
President-elect Trump’s claim that Gilded Age tariffs spurred economic growth is contradicted by economic historians. While tariffs were a major government revenue source during this period (due to the absence of income tax), research indicates that economic success was despite, not because of, high tariffs. Industries with high tariff protection experienced less productivity and innovation compared to those with less protection. Therefore, tariffs did not contribute to the rise of American manufacturing, and instead likely inflated prices for consumers.
John Q. Hosedrinker