Word: smoots
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THIS grotesque parody of the U.S. legislative process is unfortunately all too real. When Congress reconvenes this week, the first major item of business in the House will be a vote on the most restrictive piece of trade legislation since the disastrous Smoot-Hawley Tariff Act of 1930. The bill, which would raise prices by denying consumers access to many imports, is likely to pass after only perfunctory debate, and then whiz to the Senate. There the Finance Committee already has voted to attach it as a rider to a measure raising Social Security benefits. The odds are that...
...elegant Room H208 (which has become known to some congressional staffers as "the tiger cage"). As clumps of industry and labor lobbyists waited outside, the House Ways and Means Committee put on a display of protectionist logrolling that would have done credit to the authors of the Smoot-Hawley Tariff Act of 1930. What emerged was an inflationary, consumer-be-damned bill that could reverse the whole U.S.-led postwar movement toward freer trade...
...expanding trade and prosperity in the free world. Moreover, quotas would mean U.S. repudiation of the 1947 General Agreement on Tariffs and Trade, history's first major code of fair play for international commerce. Backers of liberalized trade compare today's proposed restrictions to the 1930 Smoot-Hawley Tariff Act, which by lifting import duties to record levels prompted reprisals abroad that helped to cut U.S. exports by 66% during the Depression. "The protectionists are peddling medicine more likely to kill than cure," warns William M. Roth, President Johnson's special representative for trade negotiations...
...nation. Thus far, the feeling has been most clearly evident on Capitol Hill, where an influential coterie of Senators led by Minority Leader Everett M. Dirksen and Majority Whip Russell Long are pressing for the tightest protection of U.S. goods since the bad old days of the 1930 Smoot-Hawley tariff.* If the protectionist Senators-dubbed "the coalition of retreat" by Hubert Humphrey-were to succeed, they would impose strict quotas on more than 75% of dutiable U.S. imports...
...Whose coauthor, Reed Smoot, inspired Ogden Nash's 1930 poem "Invocation": Senator Smoot (Republican, Ut.) Is planning a ban on smut. Oh root-ti-toot for Smoot of Ut. And his reverent occiput . . . Smite, Smoot, Be rugged and rough, Smut if smitten Is front-page stuff...