A prime postwar goal of the U.S. has been to get the rest of the free world off the backs of U.S. taxpayers and earning dollars again. Yet every time a foreign product begins to make a dent in the U.S. market, a familiar cry rises: raise tariffs. Two months ago, under heavy pressure from some U.S. watchmakers and their workers, the U.S. Tariff Commission joined the chorus. A majority reccommended that import duties on Swiss and other watches be jacked up as much as 50%.
Last week Harry Truman, who had already rejected a...
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