2.1.08 - 2.1.2008 Foreign Trade and Tariff...

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2.1.2008 Foreign Trade and Tariff Policy -Independence really changes the world of economics -Throughout colonial period…tobacco was the most important to US exports -Eventually rice & wheat become the new important US exports -Neutrality (1793-1807) -from the French Revolution, Britain and France are almost constantly at war w/ each other, therefore they are having economic wars w/ each other, blocking off trades from each other. Both sides are essentially are trying to cut off key component trades. The US decides to take a position of neutrality, where a very large increase in exports and imports. United States suspends mercantilism trade and is closet to free trade as it has ever got. U.S. treats both war parties alike, not favoring one over the other -period of free trade, booming exports and more or less booming economy -ends in 1807 when the democrats had the upper hand in politics -Jefferson who was president at the time believed that the embargo policy,
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