Former POTUS favours reciprocity vs tariffs and protectionism

On 5 September 1901, William McKinley, 25th President of the United States of America, was in Buffalo NY, speaking at the Pan-American Exposition. The Republican president surprised many by shifting his stance on tariffs to favor reciprocity -- a system of mutual exchange with other nations. 

Lest the current POTUS challenge the summary that follows, or accuse Walt of making the whole thing up, we have a transcript of his speech, from the University of Virginia Miller Center.

President McKinley argued that the United States, as a manufacturing powerhouse, needed to export its surplus goods and, in turn, should be willing to import foreign products that could benefit its own industries and labour force. 

This speech marked a significant change from his earlier protectionist policies, which had been known as the McKinley Tariff.  He proposed a policy where the US of A would lower tariffs on certain foreign goods in exchange for other countries reducing their tariffs on American products.

President McKinley recognized that the nation's growing production capacity required foreign markets to absorb its excess goods, as it could not rely on domestic consumption alone. And he stated that this system of receiprocity would be mutually beneficial, enabling America to sell more abroad and make domestic purchases that would create greater demand for American labour. 

The speech signalled that the era of pure protectionism was ending, so the United States needed to engage in "friendly trade relations" to avoid commercial wars and reprisal. The high tariffs of 1890 had led to price increases for consumers and were blamed for Republican losses in the 1890 mid-term elections. 

President McKinley was never able to implement his new reciprocity policy, owing to his having been assassinated the following day by Leon Czolgosz, a young anarchist, who shot him at close range. The President died eight days later, to be replaced by Theodore Roosevelt.