FUTURE OPPONENT

Taranaki Daily News, 4 December 1935, Page 5

FUTURE OPPONENT

PRESIDENT ROOSEVELT’S POLICY. MOST FAVOURED NATION TRADE. By Telegraph—Press Assn.h-Copyright. Rec. 7 p.m. Washington, Dec. 2. Coincident with thd Government’s reaffirmation of the most favoured nation policy to-day Mr. George Peek, President Roosevelt’s special trade adviser and president of the Federal export and import banks, resigned both offices because of disagreement with the Administration’s trade policies. He and Mr. Cordell Hull, Secretary of State, often clashed on the favoured nation policy, and he decided to resign when it was apparent that his opponents’ policies had the full support of the President. Mr. Peek is considered to have political power among the Mid-Western farmers, and it is rumoured he may lead the opposition, not only to President Roosevelt’s trade policy, but also to his agricultural policy, in the 1936 elections. President Roosevelt to-day proclaimed that two of the most important trade treaties thus far negotiated under the Reciprocal tariff legislation, namely those with Brazil and Canada, would become effective that day. The full Canadian agreement awaits final ratification at Ottawa.

In the Brazilian treaty most of the native Brazilian products, such as coffee, cocoa and nuts, arg kept on the free list or tariffs are slashed, while the’United States has granted duty reductions on many items of manufacture in accordance with the most favoured nation principle. Tariff reductions are extended to all nations having such treaty relations with the United States, of which Germany is a notable exception.