FOREIGN TRADE: The Watch Tariff

Three big watchmakers—Hamilton, Elgin and Waltham—set off an alarm in Washington last week over tariffs. Before a Senate Armed Services subcommittee, they testified that higher tariffs for watches are vital to national defense. The alarm was well timed. It came as word leaked out that the U.S. Tariff Commission, by a 4-2 vote, has recommended to President Eisenhower that tariffs on all Swiss watches and movements be raised about 50%,* thus putting the squeeze on imports of Swiss movements.

The American watchmakers told the subcommittee that Swiss imports are driving them out...

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