Word: imported
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Logs are rolling again in Washington as industrial and agricultural groups, together with their Congressional alter egos swathed in the philosophy of Hawley-Smoot, take pot shots at the Reciprocal Trade Agreement Act in general and prospective import duty rate reductions in particular. The Committee for Reciprocal Information has been informed that "lowered import duties constitute a threat to American industry, agriculture, and defense," and Senator Butler, Republican of Nebraska, has revealed that the reciprocal pacts have been "a gigantic hoax on the American people . . . solely for the benefit of other nations." But the faithful of the high tariff flock...
...protectionists, "if we do lower import duties and grant concessions, foreign products, with their lower labor costs will force our industries to cut costs and employment." Here the facts stand against them. The quantity of imports to the United States has almost directly correlated with the level of production and business at home. During boom years imports increased, and during slack years, they fell. Above all, the imports of most items have been an insignificant percentage of American consumption of that item. Woolen and worsted imports, for example, have never amounted to 2% of total U. S. consumption...
State, in other words, would open the U.S.'s end of the street to any nation which would do likewise. State would demand relaxation of export-import controls, preferential tariffs, bilateral barter and other devices by which the war-torn countries of the world have sought economic security. State would demand the relaxation of state trading monopolies...
...Quito. Then he had a friendly chat with Harry Truman, came away impressed by the President's "grasp of modern and ancient Ecuadorian history." Finally last week, as his North American honeymoon ended, Trujillo announced that he had wangled two $4 million loans from the U.S. Export-Import Bank, to complete modernization of the water systems of Ecuador's capital and chief port...
Adios! The man charged with cutting this new pattern for the oil industry bears a stamp new to Mexican politics. When sad-eyed, ramrod-backed Antonio Bermúdez was treasurer of the state of Chihuahua, an acquaintance went to him and said: "Antonio, my friend, I want to import several carloads of alcohol from the U.S., and if I pay taxes on it it will be very expensive. . . ." Bermúdez usually low-pitched voice rose to a roar: "If I invite you to my house for dinner then you can call me Antonio and call me your friend...