Word: tariffers
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...before some 1,000 U.S. businessmen in Manhattan's Waldorf-Astoria Hotel, George W. Ball, the Under Secretary of State for Economic Affairs, delivered a White House-approved speech that gave the broad outlines of the President's trade program. Most simply, Ball urged across-the-board tariff cuts and close ties with Europe's Common Market...
Since he was addressing a hardheaded audience, Ball conceded that certain industries will be hurt by tariff cuts. Some may need federal aid "to speed the transfer of the labor and capital into the more productive channels which the American economy constantly provides. But up to a certain limit of tolerance, individual industries and companies should be expected to assume the burden of such adjustments for the good of the economy as a whole." Indeed, Ball insisted, the U.S. has little choice but to move toward freer trade. "We have been the evangelists of the virtues of free competition...
Still another powerful spur, so the Administration believes, would be a radical reduction in tariffs and import quotas around the free world (see THE NATION). Most U.S. businessmen agree-but stress that tariff reduction has to be a two-way street. In a speech to the Foreign Trade convention. Henry Clay Alexander, chairman of the Morgan Guaranty Trust Co., declared: "We must drop our historic stance of giving a little more than we get. Without moving away from trade liberalism, we should be trying to get back some of the edge we have given away over the years...
...Breakeven. Uppermost in Alexander's mind is the rapid rise of Europe's Common Market, which already has a fat payments surplus and is now in the process of erecting a single external-tariff system. But while the emergence of the Common Market may bring short-term losses for the U.S., it should also bring long-run gains. Hundreds of U.S. firms have exported dollars to Europe to build factories within the Common Market, but these investments ultimately should be returned with interest in the form of repatriated profits. Similarly, the increase in trade between the Common Market...
Suddenly the Tories have a lot to do: they must negotiate cleverly with Europe; they must devise a planning apparatus sufficiently radical to deal with the 50 per cent tariff reduction that will hit British-Common Market industry by 1963. They must, in short, get efficient, for they are not so capable as their better newspapers to cope with the new concepts of economic life...