Word: tariff
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That was the note on which, last week, the Senate Finance Committee closed its public tariff hearings. The Democratic members of the committee were politely ushered out while the Republicans in their shirt sleeves huddled themselves down to the task of redrafting a tariff measure to be presented to the Senate a month hence...
...bill continues the President's power to alter rates by 50% but changes the basis from differences in cost of production to difference in conditions of competition wholly within the U. S. market. Prolonged economic research would no longer retard the Tariff Commission's findings under the new plan...
...Question above was asked by Utah's Democratic Senator King. The Answer was given by John E. Edgerton, president of the National Association of Manufacturers (membership: 50,000). Witness Edgerton had been arguing at length before the committee in behalf of increased "flexibility" in the new tariff bill. Others who had demanded the same thing were Vice President Matthew Woll of the American Federation of Labor; Chester Gray, legal representative of the American Farm Bureau Federation; John G. Lerch, counsel of the American Tariff League. Mr. Lerch also called for a change from foreign to domestic valuation in administering...
Flexibility. The present law permits the President, on recommendations by the Tariff Commission, to raise or lower tariff rates 50%. Based on the difference in the cost of producing an article abroad and in the U. S. the rate change is supposed to equalize competition...
Valuation. The tariff imposes two kinds of duties: 1) specific; 2) ad valorem, based on the value of the imported goods. The flat rate of 6? per lb. on fresh beef, is a specific duty. The rate of 40% on wire rope is an ad valorem duty. The first is fixed, regardless of price; the second varies with the value of the commodity. On many items the tariff is a combination of specific and ad valorem rates. (Example: violins, specific duty of $1.25 each, plus an ad valorem duty...