FOREIGN TRADE: Fair Exchange?

In the winter resort town of Torquay, on the south coast of England, the U.S. and 33 other nations wound up seven months of give & take discussion on cutting tariffs. When the U.S. totted up the results of the conference last week, it found that it had given more than it had taken. The U.S. granted tariff cuts up to 50% on $419 million of imports (as of 1949). The cuts apply to such strategic metals as lead, chrome and vanadium, and such luxuries as orchids and champagne. In return, the U.S. got tariff reductions from other nations...

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