Word: tariff
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Three big watchmakers-Hamilton, Elgin and Waltham-set off an alarm in Washington last week over tariffs. Before a Senate Armed Services subcommittee, they testified that higher tariffs for watches are vital to national defense. The alarm was well timed. It came as word leaked out that the U.S. Tariff Commission, by a 4-2 vote, has recommended to President Eisenhower that tariffs on all Swiss watches and movements be raised about 50%,* thus putting the squeeze on imports of Swiss movements...
Last March, urging Congress to enact the Randall Commission's tariff recommendations, President Eisenhower said: "If we fail in our trade policy, we may fail in all. Our domestic employment, our standard of living, our security and the solidarity of the free world-all are involved. "Last week Senate Democrats underlined the President's failure to fight for a program that he had said was necessary...
...pleased by signs of cooperation from a mollified Reed that it leaned over backwards to accommodate him. The result was a deal in which Reed agreed not to bottle up the Administration's social-security expansion bill if the Administration would not press for its trade and tariff program, except for a simple one-year extension of Reciprocal Trade Agreements authority. What the Administration got Reed probably could not have bottled up anyway; social security has the fond approval of most Congressmen, and a majority of Reed's committee already wanted the one-year trade-agreement extension. With...
...hungriest customer is the U.S. Before the war, Britain shipped only 4,000 bikes a year to the U.S. This year imports rose to 110,000 during the first four months (usually the slow season). This was too much success for U.S. bikemakers, who demanded a boost in the tariff...
Spurred on by such complaints, the U.S. Tariff Commission announced last week that it would investigate charges that imports are hurting the American industry. (Two years ago a tariff boost was denied.) The British, say U.S. competitors, can produce bicycles and land them in the U.S. for less than the cost of U.S. manufacture. This is partly because of lower wage rates (about 58? an hour, v. about $1.80 in the U.S.). But it is also because the British, who invented the foot-pedaled bicycle, have adopted the U.S. invention of mass production. Britons can make bikes cheaper because their...