Word: tariff
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When Laurier sought re-election in 1911 on a platform of tariff reciprocity with the U.S., he found himself denounced by Bourassa's nationalists as an imperialist, by the Tories of English Canada for disloyalty to Britain. Defeated and embittered, Laurier retired to the Opposition, never regained office, died in 1919. Bourassa's nationalist faith deeply affected French Canadian thought. Although he finally quit politics in 1935, he emerged in World War II to fight conscription as bitterly as he had fought the sending of Canadians to South Africa...
Again, before Churchill agreed to Article VII of the 1942 Lend-Lease agreement (which called for an end to trade discrimination and reduction of tariff barriers), he obtained from Mr. Roosevelt specific assurance that the text "no more committed [Britain] to the abolition of imperial preference than the American Government was committed to the abolition of their protective tariffs...
...case the Fund's holdings of one country's currency runs short (as U.S. dollars might, for example, if the U.S. sold a lot more goods abroad than it bought), then the Fund Committee could ration that nation's currency and recommend measures (e.g., tariff reduction) to do away with the causes of such lopsided exchange...
...trader put him inevitably on the side of those who in the long run wish to see the creation of a larger multilateral system of trade and investment in which Sterling and the Dollar are bound together. The question mark in his mind is whether the U.S., through its tariff and currency policies, will in fact help or hinder the growth of such a system. In the 19th Century the Bank of England could go it alone. In the 20th, leadership must come from both sides of the Atlantic...
Died. Lucius Nathan Littauer, 85, glovemaker and first citizen of Gloversville, N.Y.; in New Rochelle, N.Y. Gentle, bald, waving-mustached Littauer was Harvard '78, a high-tariff Republican Congressman (1897-1907), a philanthropist whose most noted single gift ($2,250,000) founded Harvard's graduate School of Public Administration and Littauer Center. In 1939 he said he had "confidence for the future in spite of the present." In 1941, asked his opinion of the world at large, he sighed, "Don't ask me that. I'm a pessimist...