Word: tariff
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...effect, the other nations gave the U.S., and the incoming Republicans, until next summer, when U.N. will discuss specific tariff cuts, to prove that the U.S. can and will 1) maintain a reasonably stable economy and 2) practice to the fullest the free trade it preaches. In turn, the U.S. hopes that by then nations which are either wholly or in part state traders, e.g., Russia, which did not attend the conference, and Britain (see Commodities), can somehow reconcile their ideas with those...
...Tariffs. No definite tariff policy was announced, but Taft indicated the way the wind blew. "I think the Smoot-Hawley rates were too high," he said with masterly understatement. "But I don't think we should reduce rates to a point where American industries would be destroyed." He had voted against the reciprocal trade bills, he said, because he thought they gave the President too much discretion. It was for this discretion that ex-Secretary of State Hull had fought so long & hard, believing that presidential power to adjust tariffs was a prime necessity for the horse-trading required...
There was Harold Knutson of Minnesota, due to be chairman of the Ways & Means Committee, which handles all tax and tariff legislation. Before Pearl Harbor, Knutson opposed nearly every defense measure, once proclaimed: "Hitler is displaying a forbearance that might be emulated by statesmen of other countries...
...politics, and the people, after some backing & filling, approved. The Republican horse that galloped across the country on Election Night had had some ghostly riders-Henry Cabot Lodge and "a little group of willful men" who killed Wilson's League; Reed Smoot, Joseph R. Hawley and the high-tariff men who started a world economic...
...bipartisan internationalist line had been laid down so firmly that no well-informed observer expected the Republicans to repeat 1920 by pulling the U.S. back into its shell. But much of the world which had forgotten the extreme economic nationalism of the early New Deal remembered the Republican high-tariff tradition and the Republican pledges of rigid economy...