Word: tariff
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Trade agreements and low tariffs have been, since the war, like aging beauties who come away from each face lifting looking not better, but only a little more peaked. After almost six years of Congressional mauling, the Reciprocal Trade Agreements Act is expiring in a final battle by the Administration to save it from the crippling amendments of the high tariff, special interest bloc in Congress led by Representative Richard Stimpson of Pennsylvania...
President Eisenhower, alive to the clamor in Europe for "Trade, not Aid," has offered a bill to extend the law for an interim year while a commission studies the entire trade problem. In a message to Congress he rightly emphasized the importance of reciprocal trade and lower tariff barriers as a solvent in the problem of European defense, and as a badly needed bolster to several declining export economics...
...high tariff bloc in Congress, any delay in the demise of the Trade Act is too long to wait. Attempting to win Stimpson's support for the extension, Eisenhower appointed a high tariff advocate to the Tariff Commission. After this appointment, Stimpson agreed unofficially to cooperate with the President's program but only if he fills the remaining Commission vacancy with still another Stimpson approved member...
...historic aim of U.S. tariff policy has been to protect individual industries and groups (e.g., dairy farmers and perfume makers as well as the auto industry). But what is really needed, said the report of a 13-man governmental commission last week, is a dramatic change basing tariff policy on "national interest." This, said the report, requires a drastic cut in tariffs and other trade barriers, no matter how much it may hit protected industries...
...Modification of the "Buy American" Act, plus a complete overhaul and simplification of tariff schedules, with an average rate cut of about 33%. Some 8,000 present tariff rates should be boiled down into a few clearly defined categories; tariffs and import taxes on such items as petroleum products, metals, wool and many manufactured goods, including machinery, autos and appliances, should be lowered or eliminated...