What significant action did Wilson take regarding tariffs during his presidency?

During his presidency, Woodrow Wilson took significant steps to reduce tariffs as part of his broader economic policy aimed at stimulating trade and promoting fair competition. The Underwood Tariff Act of 1913 was a key piece of legislation that Wilson championed, which significantly lowered tariff rates and implemented a graduated income tax to compensate for the loss of revenue. This reduction in tariffs was driven by Wilson's belief that high tariffs protected monopolies and stifled competition, which ultimately harmed consumers. By lowering tariffs, Wilson aimed to make imported goods more accessible, encourage competition in the marketplace, and foster international trade relationships. This action reflected his progressive ideals and commitment to economic reform during his administration.