For the first time in history, a President of the U. S. undertook to set new tariff rates. His act was designed for the benefit of the farmers.
According to section 315-A of the Fordney -McCumber Tariff Law (.passed in 1922), the President is empowered to alter the tariff rates on any commodity either up or down, not to exceed 50% of the statute tariff. The action may be made by proclamation after an investigation of the costs of production in the U. S. and in the country which is our principal competitor...
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