structural:reformatting, quality:correction
Lower tariffs and the re-opening of French markets (1860)

One of the centerpieces of the economic policy of Napoleon III was the lowering of tariffs and the opening of French markets to imported goods. He had been in Britain in 1846 when Prime Minister Robert Peel had lowered tariffs on imported grains, and he had seen the benefits to British consumers and the British economy. However, he faced bitter opposition from many French industrialists and farmers, who feared British competition. Convinced he was right, he sent his chief economic advisor, Michel Chevalier, to London to begin discussions, and secretly negotiated a new commercial agreement with Britain, calling for the gradual lowering of tariffs in both countries. He signed the treaty, without consulting with the Assembly, on 23 January 1860. Four hundred of the top industrialists in France came to Paris to protest, but he refused to yield. Industrial tariffs on such products as steel rails for railways were lowered first; tariffs on grains were not lowered until June 1861. Similar agreements were negotiated with the Netherlands, Italy, and France's other neighbors. France's industries were forced to modernize and become more efficient to compete with the British, as Napoleon III had intended. Commerce between the countries surged.