Word: tariff
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...Chief Executive spent an active week acquainting himself with the devices and desires of the Cabinet, the legislators and many minor executives. He re-examined his decision against a special session of Congress (see THE CONGRESS). He heard Senator Borah of Idaho on the subject of the onion tariff and Representative Dan A. Sutherland of Alaska on the subject of salmon being disturbed by earthquakes. General John H. Russell, High Commissioner to Haiti, paid respects before returning to his post. Governor General M. L. Walker of the Panama Canal Zone conferred for a half-hour. They were...
...official protest of the U. S. government against the now tariff law (TIME, Sept. 19), the French government countered skillfully. It declined to entertain the U. S. proposal for a treaty of amity and commerce modeled on the one recently concluded with Germany (TIME, Aug. 29). In other words France refused to give the U. S. most-favored nation treatment (rates equal to the lowest accorded to any other nation) because the U. S. makes no similar concession to any country...
Instead, Finance Minister & Premier Raymond Poincare suggested that a treaty be negotiated on the principle of reciprocity, or mutual concession. Thus France would agree to admit certain U. S. imports at a lower tariff rate than prescribed in the new law if the U. S. would admit such French exports as perfumes, soaps, laces, etc., at a correspondingly lower rate...
Significance. The picture is clear enough: two nations glaring at each other over the tops of their high tariff walls. There is no dispute as to the right of France to erect a tariff wall as high as that of the U. S., or even higher. The problem is one of expediency. The U. S. sends many things to France that, on account of superior production facilities, cannot be duplicated so cheaply in Europe. When there is no intent to protect home industry, if the policy of protection must indeed be pursued, it would seem a signal lack of judgment...
...signs were, however, that the French government will order a stay of the new law so far as the U. S. is concerned and trade will be continued on the new minimum tariff basis, which means an average increase of 40% over the old average of 60%, until either a treaty of commerce is signed or the negotiations break down...