That reduced the average tariff rate to just 1.3 percent.
This decision effectively reduced the tariff rate by a factor of two.
Some claimed that this was equivalent to an additional 5 percent on tariff rates.
Videotape recorders, for example, had a tariff rate of only 1 percent.
On the average the tariff rate was reduced from 37 percent to 27 percent.
T is the implied future tariff rate for that country.
The tariff rates, which have been climbing monthly since March, are now 12 percent.
The bill restored protection and raised average tariff rates to almost 40%.
Customs duties as set by tariff rates up to 1860 were usually about 80-95% of all federal revenue.
This act was a permanent bill that imposed even higher tariff rates.
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