Word: tariff
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Dates: during 1950-1959
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...first time in modern U.S. history, a federal court last week restricted the President's powers to adjust tariffs. The three-judge U.S. Customs Court in New York ruled 2 to i that the President cannot alter the recommendations of the U.S. Tariff Commission under the "escape clause" of the Trade Agreements Act, which permits the President to adjust tariffs or impose quotas to help U.S. industries that can prove they are being damaged by imports...
...ruling was handed down in the case of bicycle tariffs. In March 1955 the Tariff Commission recommended an increase in duties on large-wheel, lightweight bicycles from 7^% of value to 22^% of value. The President boosted duties to only ni% of value. He erred, ruled the court: "If the President does not accept the findings of the commission, he should reject them, not compromise them...
BLOW FOR FREER TRADE was struck by President Eisenhower, who refused Tariff Commission's recommendation to double 30% duty on umbrella frames. Boost would have aided four U.S. producers, who employ fewer than 500 workers and whose unit sales are running about 10% ahead of last year. It would have irritated friendly exporter nations such as Japan, West Germany, Austria...
...along with Canada's demand for full convertibility of the pound, it did promise to wipe out restrictions on dollar-area newsprint, salmon, farm machinery. Canada in turn refused New Zealand's plea to cut down trade-inhibiting farm subsidies, but agreed to keep down tariff barriers against lamb and mutton, automobiles and aircraft. For the Commonwealth's smaller, less developed partners, Canada led a big power move to increase development aid, pour more money into the International Monetary Fund, World Bank and Colombo Plan to speed progress in Asia and Africa...
Mindful of the U.S. Tariff Commission's recommendations for boosting tariffs, foreign nations regarded quotas as much the lesser evil. They were fully aware that U.S. mine production has fallen while imports have climbed (see chart). Canadian politicians railed at the ruling, but Canadian miners were more subdued. "It's easier to get rid of a quota than a tariff," said V. C. Wansbrough, vice president of the Canadian Metal Mining Association...