Word: tariff
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...headed by Inland Steel Co.'s Board Chairman Clarence B. Randall (TIME, Aug. 24). The commission, currently holding closed-door hearings in Washington, is expected to report to the President early next year. Meanwhile, the determination to find a sound foreign-trade policy has set off a major tariff-policy debate in the nation.* Last week, two familiar figures spoke up: ¶ In Manhattan, Henry Ford II was the principal speaker at the first big meeting of the Committee for a National Trade Policy. Made up of top-flight business leaders, the newly formed committee is dedicated to spreading...
...unify the free world militarily and politically," said Speaker Ford, "if at the same time we divide it economically. A protectionist policy is divisive." Furthermore, he argued, protectionism is opposed to the economic self-interest of most U.S. industrialists, workers and farmers, both as producers and as consumers: "The tariff is a form of subsidy [that] penalizes the many in order to help the few." Free trade would hurt some U.S. producers, but "the adjustments . . . would be no greater than those which normally accompany technological change." ¶ In Washington, Bernard Baruch had his say before the Randall Committee. Word leaked...
...Until about 1912 our Federal Government was supported by a tariff upon imports and a tax upon liquor and tobacco products. Then a demand suddenly arose to "soak the rich...
...mine costs are in labor, at an average $16 a day. In North Africa and South America, mine labor gets $1.50 to $2 a day; in Mexico, from 85? to $4. With such an advantage, foreign producers have little trouble leaping the modest U.S. tariff wall of less than a penny a pound...
Next month, the U.S. Tariff Commission will hold hearings to see what can be done about the slump. Most of the mine owners want a higher tariff. They argue that lead and zinc mining are essential to U.S. defense, that in time of war foreign supplies might be cut off. But that is not a strong argument, since more than 75% of zinc and 50% of lead imports come from Canada and Mexico. In any case, the Tariff Commission can only boost the tariff by about a cent a Ib.; what the miners want is a sliding scale that would...