Every tariff revision, whether the rates go upward or downward, shifts somewhat the relative opportunities and profitableness of different industries.
Some of these call for far-reaching readjustments of investments and of productive forces.

Some persons gain and some lose by every such change.

It is observed that a reduction of tariff rates seems to have a more disturbing effect upon business than does an increase.

This probably is because the industries favored by protective tariffs in America are those most fully within the circle affected by crises; whereas most of the consumers adversely affected by a rise of tariff rates are outside the commercial circles where short-time credit is common and where the rapid readjustment of investment leads to a financial crisis.

It never has been convincingly shown, however, that there is any large measure of correspondence in time (not to say causal relation) between tariff revisions and crises.[13] Sec.15.