Word: imported
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...Export-Import Bank authorized a $50 million development loan, its first to Mexico in three years. Most of the money will go for rehabilitation of railroads and for expansion of the Altos Hornos steel mill...
MEXICAN NATURAL GAS will be imported into U.S. for first time. Federal Power Commission gave final approval to 20-year deal between Mexico's Pemex oil and gas agency and Texas Eastern Transmission Corp. to import some 200 million cu. ft. daily for Eastern customers. Texas Eastern will spend $83 million on a program which includes a 30-in. pipeline running 422 miles from Mexican border at McAllen, Texas, to Beaumont...
After a three-year study of eight tariff-protected U.S. industries, Economist Percy W. Bidwell concluded last week that gradual but deep tariff cuts would not hurt U.S. industry as a whole and would damage only the marginal producers .in import-sensitive industries. "Most of these industries," he wrote, "have been in long-term declines and are characterized by weak financial situations, severe seasonal or cyclical unemployment and wages below the national levels." Bringing down the tariff walls could channel U.S. capital and labor into more productive endeavor...
...continue in uneconomic industries that require federal protection, says the study. In effect, they are subsidized by consumers. In the mass-production industries, where U.S. wages are far above world scales, Bidwell found that the U.S. worker usually so outproduces low-paid foreign workers that most tariffs and other import restrictions can be safely eliminated. Even in handwork industries, where the cost of labor makes up a large share of the product cost, he concluded that the tariff does little more than bail out the marginal producer...
...argument that the U.S. has to maintain at least 4,000 watchmakers to turn out military timing devices in case of war. Yet Bidwell found that domestic production of sensitive jeweled watches continued to slump even after the tariff rise, and "it is doubtful whether the present level of import duties will guarantee that watches will be produced at a level which defense authorities would consider adequate." In any case, he said, a high tariff is not the best way to protect the industry. In its place the U.S. should choose the lesser evil of paying government subsidies to makers...