MANY foreign businessmen like to protest that their success or failure hinges on fluctuations in U.S. tariffs; e.g., when the U.S. boosted bicycle tariffs British businessmen forecast dire effects for their industry. Yet few of them look to see where their own countries stand on tariffs. There is strong evidence that while the U.S. has been steadily reducing tariffs, many other nations have been dragging their feet. Example: after the U.S. cut duties on cotton goods up to 50%, Japanese imports doubled; they poured in so fast that Japan last week clamped on an embargo for fear of U.S....
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