De Valera decided that Ireland were to not pay anymore land annuities (British loans for Irish farmers). Britain retaliated by placing a 20% tariff on Irish goods. De Valera fought back with a 5% tariff on British goods entering Ireland. This was known as the Economic War, lasting from 1932 to 1938. This ended with the Anglo-Irish Agreement of 1938, resulting in no more land annuities, reduced tariffs and returning Cobh, Berehaven and Lough Swilly.