ONE YEAR ONLY
EXTENSION OF RECIPROCAL TRADE ACT PRESIDENT’S WISH OVERRULED N.Z.P.A.—Copyright Rec. 9 p.m. WASHINGTON, May 26., House Republicans over-riding Democratic opposition by 234 votes to 149 passed the Bill extending the Reciprocal Trade Act for one year only and' giving Congress a degree of veto power in dealing with tariffs. The measure now goes to the Senate, where the Democrats will wage another battle against it. The Secretary of State, Mr George Marshall, has said that the measure, if approved by Congress, will cripple America’s world economic leadership. President Truman had asked earlier that the agreement be extended for a period of three years. The Republican Bill requires the President to announce tariff concessions to other countries in advance so that Congress would have 60 days in which to veto any agreement. Under the present law the President can raise or lower tariffs as much as 50 per cent, among nations having reciprocal pacts with the United States.
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Otago Daily Times, Issue 26783, 28 May 1948, Page 5
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160ONE YEAR ONLY Otago Daily Times, Issue 26783, 28 May 1948, Page 5
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