Word: tariff
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...views of the critics, who had gathered at Princeton University, came out as President Eisenhower prepared to ask Congress to make tariff changes in line with the report's recommendations...
...charges that the Princeton critics leveled against the report was that, in keeping with its general timidity, it treated the "dollar gap" as the basic problem, and closing the gap as the solution. By doing so, it inadvertently gave aid and comfort to protectionists, who now argue that tariff reduction is unnecessary because the dollar gap is already closed (see chart). Data in the Randall commission's own recently published staff papers show that in 1953 U.S. imports ($17 billion) actually outran U.S. nonmilitary exports ($16.9 billion). But the dollar gap closed in 1953 only because foreign countries slashed...
...growing U.S. official sentiment for stepped-up economic aid to Latin America, Senator Homer E. Capehart, chairman of the Senate's Banking & Currency Committee, last week added his influence. Milton Eisenhower had earlier toured Latin America and found a need for the U.S. to hold down tariffs, stockpile more raw materials and make more development loans. Industrialist Clarence Randall, reporting last January to President Eisenhower on foreign economic policy, had proposed limited tariff cuts that would help Latin American exporters...
...when Senator Capehart and his colleagues set out last October for a 51-day flying study of Latin America's economy, there was doubt as to how a free-enter prising Republican millionaire from the traditionally high-tariff Midwest would feel about such economic aid. Capehart gathered his evidence tirelessly, attending more than 300 meetings with U.S. and foreign business and government officials. As Banking Committee chairman, he focused on the work of the Export-Import Bank of Washington and the International Bank for Reconstruction and Development (World Bank). Chomping cigars, he applied...
Dulles had gone to Caracas fresh from Berlin, filled in on hemisphere affairs with force-fed haste. He was aware that most Latin delegates considered anti-Communist measures uninteresting at best, interventionist at worst. Because economic aid to Latin America (e.g., loans and tariff advantages) is largely out of State Department hands, he had little to trade. But Dulles pushed ahead with what he had: a strong will, well-reasoned answers to all objections and long experience ("I have been attending international conferences since early in the century," he said...