The US government had a policy of not interfering in business - laissez-faire - but, it made a few exceptions to the rule in the early 1920s, hoping to secure the American economy's independence:
- Emergency Tariff Act, May 1921: heightened import taxes on sugar, meat, wool, and wheat, among others.
- Budget and Accounting Act, June 1921: put control on government spendings.
- Revenue Act, November 1921: cut tax for individuals, but raised business tax.
- Fordney and McCumber Tariff Act, September 1922: extended tariffs and made them higher - plus gave the President the power to raise tariffs annually, so they were in line with the selling price of these goods.
These acts actually made US exports less popular, as other countries introduced their own tariffs and American exports became very expensive. It did get Americans to buy more of their own country's goods, though.
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