President Taft vetoed the Wool Tariff Reform Bill which would have cut the duty on imported wool in half, thus reducing the cost of clothing to American consumers. The tariff had been hiked to the maximum allowable rate under the McKinley Administration, during which most tariffs were set at the 50% level. The spike in prices this caused resulted in the Republicans losing control of Congress.
Hmmm. . . seems like that might be a lesson.
Taft's action was regarded as a huge mistake but he took it as the government was attempting to figure out the impact of reducing the wool tariff.
Wool remained the primary clothing material at the time. Most people wore wool everyday.
This would become an issue in the 1912 GOP Presidential nomination.
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