Word: importance
(lookup in dictionary)
(lookup stats)
Dates: during 1940-1949
Sort By: most recent first
(reverse)
Tariffs on thousands of products were reduced. The U.S. won cuts in 2,952 foreign tariffs. They ranged from aircraft frames (import rates reduced from 20% to 15% by Canada) to canned beans (cut 50% by the British). They included lowered rates on agricultural products, automobiles, industrial machinery, office appliances and false teeth...
...also gave as good or better than it got. Import rates now imposed by the U.S. were nailed to present levels on 20% of the nation's dutiable imports; they were cut from 25% to 50% on the rest. Some reduced duties: ¶ Whiskey, from $2.50 to $1.50 per proof gallon...
...agreements were studded with escape clauses. If tariff cuts caused "serious injury" to U.S. domestic producers, they could be suspended or withdrawn. Any nation short of dollars could still resort to exchange controls, import quotas and other dollar-saving devices. In a world where dollars are short everywhere, that meant that tariff reductions now would probably not amount to much more than a one-way street into the U.S. for foreign exporters. If a rebellious Congress fails to renew the Trade Agreements Act next June, the other end of the road will soon be closed again...
...stop the buying spree which has been eating up the Dominion's reserves of U.S. dollars, the import of hundreds of items was abruptly cut off. Outstanding examples: radios, refrigerators, typewriters, washing machines, furniture, automobiles. (In the case of autos, the ban is temporary.) For countless other items, import quotas are established. Among them: textiles (cut to one-third of the last twelve months' imports), oranges, lemons, grapefruit, clocks, watches, toys, sporting goods...
There was one item of good news with the bad. Canada, which went through World War II without a foreign loan, will get a $300 million loan from the U.S. The Export-Import Bank will furnish it, if private financing is impracticable. But another $300 million must come from the savings in consumers' goods from the U.S. Devaluation of the Canadian dollar-often rumored-was "considered and rejected," said Abbott...