A Closer look at Donald Trump’s “Favorite President”

William McKinley’s presidency (1897-1901) was described his supporters as pro-business policies, most notably high tariffs and the gold standard. While these policies contributed to short-term economic stability, they also created long-term challenges that led to their abandonment soon after his assassination.

The Dingley Tariff: Protectionism with Consequences

✔ Raised tariffs to record levels to protect American industries.
✔ Helped the U.S. enjoy a reprieve from the Panic of 1893 by stabilizing domestic production.

However, the benefits were short term at best. They…
❌ Triggered retaliatory tariffs from key trade partners like Germany, France, and Canada.
❌ Hurt American farmers by reducing foreign demand for wheat, cotton, and meat as US trading partners retaliated with their own tariffs on American agriculture.
❌ Increased costs for consumers, making imported goods more expensive.

The Shift Away from Tariffs After McKinley

His policies favored big business but failed to adapt to a changing global economy. Stagnation and inflexibility are common with heavily tariff dependent economies.

Theodore Roosevelt and later presidents moved toward negotiated trade agreements rather than strict tariffs. They pursued policies built on mutual self interest, rather than the weaponized approach of McKinley.

Final Verdict

McKinley’s economic policies were short-term successes but long-term failures. While they temporarily boosted industry, they also isolated American farmers and exporters, ultimately forcing a shift toward lower tariffs and more flexible monetary policies. His rigid protectionism and gold standard approach proved unsustainable in an increasingly interconnected and competitive world.