For the first time in modern U.S. history, a federal court last week restricted the President's powers to adjust tariffs. The three-judge U.S. Customs Court in New York ruled 2 to i that the President cannot alter the recommendations of the U.S. Tariff Commission under the "escape clause" of the Trade Agreements Act, which permits the President to adjust tariffs or impose quotas to help U.S. industries that can prove they are being damaged by imports.
The ruling was handed down in the case of bicycle tariffs. In March 1955 the Tariff Commission recommended an increase in duties on large-wheel, lightweight bicycles...
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