Word: tariff
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Dates: during 1950-1959
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Commerce Secretary Sinclair ("Sinny") Weeks once dismayed partisans of freer world trade by publicly labeling himself a "protectionist." That was five years ago. Last week chunky, mild-mannered Secretary Weeks, 64, rock-ribbed Massachusetts Republican of the old school that traditionally considered tariff protectionism a fundamental GOPrinciple, stomped in out of a snowstorm to appear before the House Ways and Means Committee. He was there as the Administration's chief spokesman for what may be 1958's most bitterly fought legislative proposal: the bill to promote freer trade by 1) extending the reciprocal trade act for five years...
Since 1955 increased competition from abroad has spurred tariff lobbying, the traditionally free-trade South has become increasingly protective about its new industry, and recent signs of recession in an election year have made all Congressmen sensitive to claims that imports are throwing U.S. citizens out of work; the high-tariff camp never mentions that 4,500,000 U.S. citizens earn their living from foreign trade. Looking for a Republican member of the House Ways and Means Committee to co-sponsor the Administration bill, the White House had to reach past three ardent Republican protectionists-New York's Daniel...
...European nations (France, West Germany, Italy, Belgium, The Netherlands, Luxembourg) have set out to create a common market that will whittle away tariffs among themselves and build up joint tariff fences against outside countries. Unless it strives to work out tariff-paring agreements with this community-in-the-making, the U.S. will find itself fenced out of a market that now buys 17% of the U.S.'s total exports...
...layoffs from cutbacks have idled more than 17,795 miners, 3.7% of the work force (v. .2% at the beginning of 1957). As a result, Western Congressmen are pressing for higher tariffs, calling for a 4?-a-lb. duty whenever the U.S. price goes below the "peril point" of 30?. The current tariff, suspended until next July, is 1.8? at a 24? peril point. Tariff advocates argue that the U.S. imported an estimated 215,000 tons more than it exported in 1957. Without the imports, U.S. production would have been close to consumption. But the copper producers themselves have done...
Empty Pipeline. They are also aware that while a tariff might shelter some of the industry, it cannot dispel the gloom in the copper markets. Only the customers can do that, and so far they have shown no sign of stepping up their buying, even though their inventories are low. "We hope present cuts are enough to bring production into line," says Phelps Dodge's President Robert Page. "Fabricators have cut inventories to the bone...