The McKinley Tariff Act was enacted in 1890 and aimed to protect American industries by raising tariffs on imported goods. Named after then-President William McKinley, the act significantly increased duties on a wide range of products, including textiles and agricultural goods. This legislation was part of a broader effort to promote domestic manufacturing and reduce foreign competition. The act faced criticism for raising prices for consumers and leading to retaliatory tariffs from other countries. It contributed to economic challenges in the early 1890s, including the Panic of 1893, which highlighted the complexities of trade policy and its impact on the economy.