However, his term was marked by economic depression that had grown out of the Panic of 1873, which Mackenzie's government was unable to alleviate. In 1874, Mackenzie negotiated a new free trade agreement with the United States, eliminating the high protective tariffs on Canadian goods in US markets. However, this action did not bolster the economy, and construction of the CPR slowed drastically due to lack of funding. In 1876, the Conservative opposition announced a National Policy of protective tariffs, which resonated with voters. When an election was held at the conclusion of Mackenzie's five-year term, the Conservatives were swept back into office in a landslide victory.