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...state, but he won the election by two to one. In Congress, he plumped for an import tax on copper, fought against Boulder Dam because he thought it discriminated against Arizona water interests. He won his reputation as a determined foe of Government spending. A nominal Democrat, he often hurdled party lines to vote with the G.O.P., tangled violently with tough old Speaker Jack Garner...
...also gave as good or better than it got. Import rates now imposed by the U.S. were nailed to present levels on 20% of the nation's dutiable imports; they were cut from 25% to 50% on the rest. Some reduced duties: ¶ Whiskey, from $2.50 to $1.50 per proof gallon...
...agreements were studded with escape clauses. If tariff cuts caused "serious injury" to U.S. domestic producers, they could be suspended or withdrawn. Any nation short of dollars could still resort to exchange controls, import quotas and other dollar-saving devices. In a world where dollars are short everywhere, that meant that tariff reductions now would probably not amount to much more than a one-way street into the U.S. for foreign exporters. If a rebellious Congress fails to renew the Trade Agreements Act next June, the other end of the road will soon be closed again...
...stop the buying spree which has been eating up the Dominion's reserves of U.S. dollars, the import of hundreds of items was abruptly cut off. Outstanding examples: radios, refrigerators, typewriters, washing machines, furniture, automobiles. (In the case of autos, the ban is temporary.) For countless other items, import quotas are established. Among them: textiles (cut to one-third of the last twelve months' imports), oranges, lemons, grapefruit, clocks, watches, toys, sporting goods...
There was one item of good news with the bad. Canada, which went through World War II without a foreign loan, will get a $300 million loan from the U.S. The Export-Import Bank will furnish it, if private financing is impracticable. But another $300 million must come from the savings in consumers' goods from the U.S. Devaluation of the Canadian dollar-often rumored-was "considered and rejected," said Abbott...