Democratic National Campaign Committee Through tariff walls

[Draft Created by Crowdsourcing]
Through Tariff Walls

Higher, Higher Up They Climbed

The Republican Hawley-Smoot Tariff almost DOUBLED our tariff rates. Since foreign nations could no longer sell their goods here, they had no money to buy our goods. And, in return, 60 nations struck back at us raising their own tariff walls.
By 1932 American foreign trade had shrunk to less than a third of what it was in 1929. Our farm exports declined 82 per cent between 1929 and 1933.

Factories closed o Workers lost their jobs o Surplus farm crops went to waste.

A chief cause of depression was the loss of foreign markets from Republican policy.

Three Steps Back to Neighborly Trade

1. THE RECIPROCAL TARIFF ACT giving the President authority to alter existing rates by as much as 50 per cent and to develop foreign markets by trade agreements with other countries.
2. MOST-FAVORED-NATION POLICY whereby we extend the benefit of a low duty on goods imported from any one country to similar goods from all countries which do not discriminate against American trade. Simports of a country are usually its "specialties" this does not result in a flood of competing imports. On the other hand, each country pledges itself to extend to us any future concessions it may give another nation so that our trade is safeguarded and expanded automatically.Secretary of State Hull regards this principle as the "heart" of our trade program because it tends to lower world tariffs and to turn international commerce back into normal channels.
3. RECIPROCAL TRADE PACTS with 14 countries with which United States transacts more than one-third of its foreign trade, including such major countries as Canada, France, Sweden, Brazil, Belgium, the Netherlands. Several more pacts are being planned.

Pacts of Mutual Profit

WHAT WE GIVE:The new Trade Pacts cut duties on about 12 per cent of American imports. Most of these imports do not compete closely with American products and, whoever competition does exist, safeguards are set. Thus, although the pact with Canada halves the duty on lumber, it limits the yearly entrance of competing woods at reduced rate to an amount less than 6 months' output of one big American mill. Likewise, cattle imports at lower rates have totaled only about 1 per cent of our domestic slaughter.

NO MORE LOG ROLLING: Before any pact is framed, open hearings are held and months of scientific study given each subject. When Republicans demand a return to Congressional tariff making- remember the swarm of lobbyists who brought pressure for this item and that until any tariff act became a disgraceful patchwork of bargains and favors. Remember the wrecking crew whose Hawley-Smoot Tariff toppled our yearly exports from 5 to 1 1/2 billion dollars.

WHAT WE GAIN: Concessions made by the foreign nations cover some of the most important American exports such as automobiles, agriculture and electrical machinery, typewriters, sewing machines, meat, lard, tobacco, fruits, cotton goods. Canada alone has lowered tariffs on 767 items. France has increased her quotas, letting in our exports. Russia, by special arrangement, agreed to buy annually American goods valued at $30,000,000, a figure which has been greatly exceeded.

EARLY RESULTS:Our total trade with Cuba, which signed the first pact in September, 1934, rose 154 per cent in the next 12 months.

American exports to Belgium increased 31 per cent in 9 months after signing the Belgium pact.

A 12 per cent rise in our exports followed 3 months of the U.S.-Canandian pact.

TOTAL FOREIGN TRADE HAS RISEN 48 PER CENT (1932-1935)

LESS TARIFF means MORE BUSINESS

Reelect Roosevelt and RestoreTrade