Word: tariff
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...said the establishment of a restrictive tariff policy on foreign imports "is a difficult problem. We ought to have a policy that moves us as close as we can to free trade...
...record, Jimmy Carter is a free-trader. He is also committed to reducing U.S. unemployment, and growing imports threaten jobs. How to reconcile these conflicting responsibilities is one of his most acute dilemmas. So far he has leaned to free trade. By refusing to impose a higher tariff or fixed quotas on imported footwear, he relieved many U.S. friends abroad. "A victory for us and the American consumer," exulted Niveo Friedrich, head of a Brazilian shoe manufacturers' association. Though the President's decision is likely to stick, he can be overridden by Congress, where protectionist pressures are traditionally...
People tend to forget how important free trade is to the economic and political health of the globe. History abounds with evidence of the folly of protectionism. Ever-higher trade barriers, climaxed by the U.S. Haw-ley-Smoot Tariff Act of 1930, helped bring on the Depression and the World War that followed. Since then, the U.S. has been committed, with occasional lapses, to trade liberalization. Even so, Carter is under more pressure than previous postwar Presidents to modify U.S. policy. Some of the most forceful protesters are his own political allies, especially labor...
...been backed by the International Trade Commission, a six-member group empowered by the 1974 Trade Act to recommend relief for industries threatened by imports. The ITC suggested that 265.6 million pairs of shoes-the 1974 level of imports-be permitted to enter the U.S. at the current 10% tariff. The duty would be quadrupled to 40% for additional footwear; for color-TV sets, it would be quintupled to 25%; and the annual 7 million-ton sugar quota for imports would be cut by more than one-third. The ITC estimates that if its tariff is adopted for shoes...
...free trade is imperfect, however, the cost of protectionism is prohibitive. The ITC proposals would add another $1 to the store price of casual shoes made abroad; shoe retailers, who oppose a tariff raise, estimate that the annual footwear bill for American consumers would increase by $500 million. At least another $40 would be added to the cost of an imported color-TV set; the price of sugar would edge up to nearly 12½? per lb., at a cost to consumers of $110 million a year...