Word: valorem
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...high-tariff advocates will go to protect home industry were demonstrated last week in a case involving imported violins. The Tariff Commission sent President Eisenhower a recommendation to treble the tariff on instruments valued by the foreign manufacturer at $25 or less. The proposed new rate: 52 ½ % ad valorem and $1.87 ½ each v. the current 17 ½ % plus 62 ½ each. Fiddle-faddle, said the President, vetoing the boost. He noted that violins and violas of this type are made by only one U.S. manufacturer, Jackson-Guldan of Columbus, Ohio, which employs 30 production workers. To protect them...
...allow each of the member nations to specialize in the goods that it produces best. If tariffs were abolished, for example. Britain's camera manufacturers might well be swept away in a flood ot superior German-made Leicas and Rollei-flexes (now subject in Britain to 50% ad valorem duty), but the host of new amateur photographers that would spring up once German cameras were cheaply available to all Europeans would buy a great deal more of Britain's excellent film...
...Authorize the President to slash existing tariffs to not more than 50% ad valorem at his discretion...
...Tariff Wall. Yearly, the U.S. imports about $11 billion worth of goods: of these, half enter duty-free, and two-fifths pay duties of less than 30%. Yet cheap sun glasses pay 335.7% ad valorem, pocket knives with folding blades 89.5%, concentrated lemon juice...
Then, in August, Great Britain slapped the 75% ad valorem tax on all U.S. films. The Loew-supported bottom fell out of Screen Plays, Inc. That night, trying to drown their sorrows in gin, the partners succeeded in refloating their enterprise on a tipsy wave of optimism. In four days of desperate rewriting, Screen Plays, Inc. shelled $339,000 off the picture's "nut," without sacrificing the essentials of the story. Loew agreed to stay in. In September, So This Is New York finally went into production-and came out $30,000 under the final budget. Even silent Stan...