Which of the following was not an outcome of the Underwood Tariff Act?

It reduced tariffs 15 percent across all imports.

It eliminated tariffs for steel.

It eliminated tariffs for iron ore.

It established a federal banking system to oversee tariffs.

It established a federal banking system to oversee tariffs.

Explanation:

The Underwood Tariff Act of 1913 aimed to reform and reduce tariffs at the same time that provided income tax raise revenue for the government.

The Act reduced the average tariff on imported goods so it encouraged American manufacturers to increase efficiency and become more competitive. This Act also imposed the federal income tax to compensate for the lost revenue on tariffs. But it did not create a national bank system to oversee tariffs.