Word: tariff
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...Washington, eventually adding up to 200 pages. Both houses voted aye nonetheless. While the legislation sat on the President's desk, 1,028 American economists called for a veto. Herbert Hoover made it the law of the land anyway, swallowing his own reservations and, on June 17, signing the Tariff...
Hoover was hemmed in by tradition and the G.O.P. platform. Henry Ford spent an evening at the White House pleading for a veto of what he called "an economic stupidity." Other automobile executives backed Ford. But no President had ever vetoed a tariff measure, and Hoover was not about to be the first. "With returning normal conditions, our foreign trade will continue to expand," he said hopefully...
...Ways and Means Committee Chairman Dan Rostenkowski of Illinois and two Democratic colleagues, Texas Senator Lloyd Bentsen and Missouri Congressman Richard Gephardt. It would require countries that are running especially large surpluses in trade with the U.S. to begin reducing them immediately or face a stiff penalty: a 25% tariff to be imposed on the value of all goods that they continued to sell in the U.S. In its present form, the bill would apply to four nations: Japan (of course), Taiwan, South Korea and Brazil. Thus it would raise sharply the prices American consumers would have...
When people fight about spaghetti, the issue is usually whose mother makes the best sauce. Last week a dispute over pasta was simmering on an international scale. In an attempt to protect U.S. noodlemakers, President Reagan slapped a large tariff increase on European manufacturers. The tariff will rise from about one-tenth of a cent to some 10 cents per lb. on the price of noodles made with eggs and from one-eighth of a cent to 10 cents for eggless pasta...
...pasta tariff is intended as a way to retaliate for Europe's treatment of U.S. citrus exports. The Administration claims that the European Community discriminates against American lemons and oranges by offering more favorable tariffs on fruit from Mediterranean countries, including Algeria and Israel...