TARIFF-CUT BILL

Press, Volume CI, Issue 29830, 24 May 1962, Page 5

TARIFF-CUT BILL

Legislation In Final Form (N.Z P.A -Reuter—Copyright) WASHINGTON. May 21. The United States House of Representatives Ways and Means Committee yesterday hammered into final shape a bill that would give President Kennedy the vast power he requested to cut United States tariffs. In substance, the legislation contains all the tools Mr Kennedy said he must have to meet “the new challenges and opportunities” the United States faced in a rapidly changing world, United. Press International reported It will be laid before the committee for a final vote on Thursday. Although it is subject to last-minute revision, members anticipate no major change. Among the main provisions of the measure is one permitting the complete elimination, under reciprocal agreements, of some tariffs. This would affect mainly those items of which 80 per cent, of world exports are supplied by the United States and its trading partners. Other tariffs could be cut as much as 50 per cent. The bill would also provide help for firms and their employees hurt by imports This would take the form of loans, loan guarantees, technical assistance, and the right to collect tax refunds by carrying losses back as far as five years.