To curb the swelling imports of wool and worsted materials, notably from Italy and Japan, the U.S. laid down new tariffs last week. They will replace a complicated quota and tariff system in force since 1956, which, a tariff commission official candidly confessed, had "fouled up the wool trade from one end to another."
Under the old system, importers could bring in certain amounts of woolens under a quota and pay a tariff based on 25% of value. After the quota was filled, the tariff jumped to 45%. The result was that the U.S. manufacturers often did not know whether...
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