Word: tariff
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Chorus of Dissent. Despite this historical precedent and veiled assurances that the President would flex out imperfections which even 'the Republican National Committee admitted were in the bill, a great new sector of U. S. industry called imperiously for a veto. Normal protestants against tariff upping are importers (i. e. department stores) who bear the brunt of higher rates, and political opponents who plead in the name of the ''consumer." Now the chorus of tariff dissent was swelled by a third and more potent group, composed of big industrialists who have saturated home markets with their production...
...wheel. Alfred Pritchard Sloan Jr., General Motors president, summed up the industry's basic argument thus: "The economic position of the U. S. has completely changed during the past two decades. We cannot sell unless we buy. Additional restrictions in the way of raising the height of the tariff wall are bound to have an adverse influence on our domestic prosperity through reducing our ability to produce. . . . The failure of the tariff bill would have a helpful influence...
Labor. The American Federation of Labor supports the Smoot-Hawley bill on the theory that it will keep out the products of cheap foreign labor. Matthew Woll, A. F. of L. vice president, bitterly attacked Henry Ford for his tariff opposition, citing the fact that the motorman had moved his tractor plant to Ireland, where he makes his machines at 60% of the U. S. cost and imported them to this country duty-free as agricultural implements. But labor was not unanimous. George L. Berry, president of the International Printing Pressmen's Union of North America, last week flayed...
Reprisals. The threat of foreign tariff reprisals alarmed big exporting industrialists as much as the prospective disruption of the world trade cycle. Thirty nations have filed 161 specific protests against items in the Hawley-Smoot bill. Canada, best U. S. customer, has made a provisional upward revision of its tariff which would adversely affect 25% of the goods imported by the U. S. and give British imports a much higher preference rating. Cuba was moving in the same direction...
...Italy a boycott movement was started against U. S. cotton. Don Alejandro Padilla y Bell, Spanish Ambassador to the U. S., publicly complained that his country would be hardest hit by the new tariff, cited the fact that out of 81% exports to the U. S., the duty on 42 of them would be upped, including cork, olives, onions, almonds, peppers and imitation pearls. Swiss watchmakers posted throughout their country such notices as: "ONE FOR ALL. ALL FOR ONE. ... We ask all manufacturers, craftsmen, merchants and consumers to banish ... all merchandise of U. S. origin...