Fair Exchange?

In the winter resort town of Torquay, on the south coast of England, the U.S. and 33 other nations wound up seven months of give & take discussion on cutting tariffs. When the U.S. totted up the results of the conference last week, it found that it had given more than it had taken. The U.S. granted tariff cuts up to 50% on $419 million of imports (as of 1949). The cuts apply to such strategic metals as lead, chrome and vanadium, and such luxuries as orchids and champagne. In return, the U.S. got tariff reductions from other nations on $1,057,000,000 of exports. Included in this list: typewriters, motor vehicles, tires, electric motors and dynamos. But the U.S. tariff cuts were given "across the board" (i.e., concessions to one country were automatically extended to all countries) while the other Torquay agreements were strictly bilateral.

The U.S. persuaded Canada to lower tariffs on 261 items; it failed to wring a single important concession from the rest of the British Commonwealth. But since the U.S. offered its tariff cuts to all countries participating in the conference, the British Commonwealth got the benefit of U.S. cuts anyway.

While the conference was something less than a success because of the Commonwealth stand, it did prove, once again, that the U.S. is willing to do more than its share to lower tariffs and help free world trade for the benefit of all.

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