Word: tariff
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...Trade. The National Association of Manufacturers, consistently opposed to tariff reductions that would allow foreign goods to enter the U.S. market, plumped for bigger exports. NAMer Frank L. Hopkinson told a Senate subcommittee on foreign trade that high-grade American salesmen "trained in smelling out a market" should be added to the diplomatic corps...
...Moreover, we think that real standards of living depend not only on what is in the pay envelope, but on what we can buy with it. The only effective protection the American worker has against so-called foreign competition is not a tariff barrier against foreign goods, but efficient production at home and a decent standard of living abroad...
...Republican committee members, wistfully talking of high-tariff prosperity and solidly opposed to further reductions, Henry Wallace looked like a symbol of their discontent. They quizzed him about everything from killing pigs to full em ployment. To Minnesota's finance-minded Harold Knutson he looked like the fattest target he had seen in months...
...Question. Beneath this bumbling Congressional show lay a live and vital issue. Franklin Roosevelt had asked for power to make additional tariff slashes of as much as 50% below the levels of Jan. i, 1945, and Harry Truman had given his support. Republicans charged that this would allow cuts of as much as 75% below the Smoot-Hawley levels of 1930-34 but administration spokesmen pointed out that such cuts could occur in less than 40% of U.S. imports. The Administration's main point: further authority for reductions was basic to the U.S. policy of world collaboration...
Since the present law expires June 12, it was plain that soon the U.S. Congress would have to quit doodling and face the issue. It was equally plain that on the tariff Harry Truman would face his first big test in Congress...