Editing Walker tariff (section)

==Impact==
The bill made moderate reductions in many tariff rates. As Walker had predicted, trade increased substantially, and net revenue collected also increased,  from $30 million annually under the Black Tariff in 1845 to almost $45 million annually by 1850. It also improved relations with Britain that had soured over the [[Oregon boundary dispute]].

It was passed along with a series of financial reforms proposed by Walker including the [[Warehousing Act]] of 1846.  The 1846 tariff rates initiated a fourteen-year period of relative [[free trade]] by nineteenth century standards lasting until the high [[Morrill Tariff]] of 1861.

The Walker Tariff remained in effect until the [[Tariff of 1857]], which used it as a base and reduced rates further.

The 1861 Morril Tariff raised the effective rate collected on dutiable imports by approximately 70%. Customs revenue from tariffs totaled $345 million from 1861 through 1865.<ref>{{cite book|last=Markham|first=Jerry|title=A financial history of the United States|url=https://archive.org/details/financialhistory01mark|url-access=limited|year=2001|volume=3|page=[https://archive.org/details/financialhistory01mark/page/n231 220]}}</ref>

The tariff act of 1842 had a significant impact on railroad building.  The duty of $17/ton of hammered bar iron and $25/ton of rolled bar iron raised costs by 50 to 80%.  The Walker tariff of 1846 reduced the duty to 30% and set off a railroad building boom in the 1850s.<ref>{{cite journal| last = Murphy| first = Ared Maurice| date = June–September 1925| title = The Big Four Railroad in Indiana| url= https://scholarworks.iu.edu/journals/index.php/imh/article/view/6363/6443| journal = Indiana Magazine of History| volume = xxi| issue = 2 and 3| page = 112| access-date=December 25, 2022}}</ref>