Word: protectionists
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Speaking in Manhattan last week, Commerce Secretary Sinclair ("Sinny") Weeks, who seems to persist in casting himself as spokesman for the reactionary minority of business leaders, took a highly protectionist position on tariff policy.* What he said ran counter to the Administration's efforts to reduce trade barriers...
...cannot hope to unify the free world militarily and politically," said Speaker Ford, "if at the same time we divide it economically. A protectionist policy is divisive." Furthermore, he argued, protectionism is opposed to the economic self-interest of most U.S. industrialists, workers and farmers, both as producers and as consumers: "The tariff is a form of subsidy [that] penalizes the many in order to help the few." Free trade would hurt some U.S. producers, but "the adjustments . . . would be no greater than those which normally accompany technological change." ¶ In Washington, Bernard Baruch had his say before the Randall...
...meanwhile, set up a commission to study the problem and work out a sound policy. Even that far from bold program ran into trouble on Capitol Hill. Pennsylvania's Republican Representative Richard Simpson introduced a bill to extend the Reciprocal Trade Agreements Act and gut it with protectionist amendments. The Administration put up a battle, finally got most of what it had asked...
...June, Simpson & Co. brought forward a new bill to amend the Reciprocal Trade Act. This "second Simpson bill" was as frankly protectionist as the first. Among other things, it would have set higher duties on lead, zinc and watch movements, imposed quotas on oil imports, made it easier for domestic producers to seek relief from the Tariff Commission. Simpson avowed that under his bill manufacturers could get "50% more protection than under the Smoot-Hawley...
...House Ways & Means Committee, moving two ways at once on foreign trade, reported out and sent to the House 1) an Administration-backed customs simplification bill, and 2) a protectionist bill, sponsored by Pennsylvania's Republican Richard Simpson, that would, among other things, impose tight quotas on oil imports and stiffer duties on lead and zinc imports...