Word: tariff
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Dates: during 1950-1959
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...case in point was Ireland, whose tidy markets Ottawa's Foreign Trade Service hopes to improve with a booklet for businessmen pointing out Ireland's liberal tariff and import policies for Canadian products-aluminum, wheat, lumber, newsprint, hides. The main problem is that Canada fails to reciprocate. Wrote the Toronto Telegram's Financial Editor Devon Smith: ''Ireland is another of those countries which Canada treats in as offhand a manner as Canadians claim the Americans treat ourselves...
...Senate passed (72-18) a compromise reciprocal trade bill representing a major Eisenhower victory. The Senate originally voted a three-year extension of reciprocal trade and 15% tariff-cutting authority a year for the President. The House gave Ike what he sought, i.e., five years and up to 25%. The compromise bill provides four years, up to 20%. ¶ The Senate overrode (69-20) Ike's veto of a minor bill raising basic wages at the Kittery (Me.)-Portsmouth (N.H.) Naval Shipyard to a $2.50-an-hour par with the Boston Naval Yard. The action marked the first time...
Reciprocal Trade. President Eisenhower asked for five-year reciprocal trade extension, with tariff-cutting authority of up to 25%. During bitter House fight, the Administration applied heat (moaned veteran Tariff Lobbyist Oscar Strackbein: "I have never seen such pressure since the days of Franklin Roosevelt"), got vital help from able Arkansas Democrat Wilbur Mills, chairman of House Ways & Means Committee. House result: 317 to 98 for the President's program, an astonishing victory. But reciprocal trade ran into trouble with the protectionist-dominated Senate Finance Committee. Senate result: a relatively weak bill, with three-year extension and 15% tariff...
...take on a new challenge: the European Common Market. The common market, a vast trading zone of six European countries, will remove trade barriers among participating nations, allow free movement of goods, labor and capital. What worries many a U.S. businessman is that it will also be protected by tariffs that discriminate against outsiders, make it harder for U.S. firms to compete in Europe, the biggest market for U.S. exports. The way to compete is to establish plants in the common market area. Says Vice President William H. Mathers of Yale & Towne, which is planning to expand operations...
Died. Eugene Millikin, 67, longtime (1941-56) Republican Senator from Colorado, who retired because of rheumatoid arthritis that confined him to a wheelchair; of pneumonia; in Denver. Lawyer Millikin, who turned to politics from a successful career in the oil business, was a Taft-supporting conservative, a tariff protectionist, a tax expert, and the portrait of a Senator in his look and bearing. His wit was cutting; in a debate he once remarked: "If the distinguished Senator will allow me, I will try to extricate him from his thoughts...