Public Policy: King Cotton's Ransom

President Kennedy has been fighting conspicuously for lower tariffs. But to win Southern congressional votes for his trade program as a whole, the President is reverting to unabashed protectionism for the tattered textile industry. Last week, amid howls of protest from textile-shipping Japan and Hong Kong, the U.S. Tariff Commission was considering Kennedy's call for an 8½¢-per-lb. tariff on imported cotton textiles. Simultaneously, the Administration was pressing 19 textile-producing foreign nations to sign a five-year gentleman's agreement that in effect would freeze foreign exports of cotton textiles to the U.S. at...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!