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Koenig, Robert P., president, Cerro De Pasco Corp., New York, N. Y., to

chairman

Kramer, Roland L., executive secretary, Foreign Traders Association of

Philadelphia, Inc., to chairman

Lane, Richard S., president, Lexington Democratic Club, New York,

N. Y., to chairman

Lazarus, Fred, Jr., chairman of the board, Federated Department Stores,

Inc., to chairman

Lodwick, Wm. J., president, New Orleans Cotton Exchange, to chairman. _

Lowe, Donald V., chairman, the Port of New York Authority, to chairman _

Martin, Mrs. George B., Summit, N. J., to chairman

Maulsey, Arch, sales counselor, United Safety Service Co., Kansas City,

Mo., to chairman

McClellan, H. C., president, Old Colony Paint & Chemical Co., Los

Angeles, Calif., to chairman

Moore, Robert D., International Distributors, Inc., Memphis, Tenn., to

chairman

Mustin, Gilbert B., Jr., executive vice president, Frank H. Fleer Corp.,

Philadelphia, Pa., to chairman

Olsen, Lester, Milwaukee Association of Commerce, Milwaukee, Wis., to

chairman

Orban, Kurt, president, Kurt Orban Co., Inc., Jersey City, N. J., to chair-

man .. 1

Parks, T. A., chairman, foreign trade bureau, Chamber of Commerce, Cedar

Rapids, Iowa, to chairman, and enclosure

Parsons, J. Russell, Chubb & Sons, Underwriters, New York, N. Y., to

chairman

Petersen, T. S., president, Standard Oil Company of California, to chair-

man

Poor, Henry V., New York, N. Y., to chairman

Rhoades, R. O., senior vice president, Gulf Oil Corp., to chairman, and

enclosure

Roesler, N. L. H., president, Amsinck Sonne Corp., New York, N. Y., to

chairman

Scott, William R., vice president, Scott Paper Co., Chester, Pa., to chair-

man, and enclosure

Smith, Russell G., executive vice president, Bank of America, to chairman.

Veerman, Jack A., Amsterdam Trading Corp., New York, N. Y., to chair-

man

Warn, R. E., vice president, Westrex Corp., New York, N. Y., to chair-

man, and enclosure

Weaver, Robert A., Jr., the Bettinger Corp., Waltham, Mass., to chairman.

Weeks, Hon. Sinclair, to Hon. Ralph E. Flanders, and enclosure

Weller, John L.,. Seatrain Lines, Inc., New York, N. Y., to chairman

Wilbur, Brayton, president, Wilbur-Ellis Co., San Francisco, Calif., to

Mr*. Elizabeth B. Springer,, chief clerk

Williams-, S. R., vice president, international operations, Worthfngtan

Corp., Harrison, N. J., to chairman

Winter, Herbert, president, American Institute for Imported Steel, Inc., to

chairman

Winton, D. F., Winton Lumber Co., Minneapolis, Minn., to chairman-..

ADDITIONAL INFORMATION

Action by the president on Tariff Commission recommendations in escape-

clause cases

Administration trade policy

Another free trade victim, article in the Reno Evening Gazette

Calendar of trade agreements

Changes in tariff levels of selected countries with which the United States

has trade agreements

Comparisons between imports and United States domestic production

Documents relating to the Trade Policy Committee

Effect of buying a given amount of petroleum from a domestic source or

from abroad

Excerpt from the last speech of William McKinley, delivered at the
Pan-American Exposition at Buffalo, September 5, 1901

Paia

Excerpts from Section 336 of the Tariff Act of 1930, Public Law 361 142

Exports to Japan in 1957, by States (in order of magnitude) 492

Inflation during the past year 197

International trade and domestic employment 97

List of strategic and critical materials 55

Members of the Committee for Reciprocity Information, 1956-58 173

Peril point procedure 165

Petroleum and products: Continental United States production, imports,

domestic demand, and ratios of production and of imports to domestic

demand, 1950 to 1957 108

President's action on escape clause reports sent to the President by the

Tariff Commission 33

Procedures preparatory to tariff negotiations 163

Recognition of Communist China 53

Report on imports of petroleum products by the Special Committee to

investigate crude oil imports, June 4, 1958 215

Summaries of military and relief assistance for Korea as of January 15,

1952 187

Termination of trade agreements 32

Trade Agreements Act, enactment and extensions 51

Trade Policy Committee, establishment of 147

United States Armed Forces overseas 198

United States exports to eastern Europe and Communist China 57

United States foreign trade commodity by area, annual 1953, 1956, 1957,

and quarterly 1956-57 122

United States imports for consumption by selected classes 45

United States merchandise exports in relation to gross National product,

1957 243

United States production of movable goods, proportion exported, and

foreign aid, selected years, 1909-57 158

United States total exports, finished manufactures exports, and Govern-

ment grant-aid to foreign countries, 1951-57 161

United States trade with principal countries of eastern Europe, 1947, 1956,

and 1957. 58

Unmanufactured lead and zinc: United States production, imports, con-

sumption, and ratios of production and of imports to consumption, 1950

to 1957 107

Tour Money's Worth, article in the Washington Evening Star 659

[graphic]

TRADE AGREEMENTS ACT EXTENSION

Friday, June 20, 1058

United States Senate,
Committee On Finance,

Washington, D. C.

The committee met, pursuant to call, at 10:10 a. m., in room 312, Senate Office Building, Senator Harry Flood Byrd (chairman) presiding.

Present: Senators Byrd (chairman), Kerr, Frear, Long, Anderson, Douglas, Williams, Flanders, Malone, Carlson, and Bennett.

Also present: Elizabeth B. Springer, chief clerk.

Stanley D. Metzger, Department of State.

The Chairman. The meeting will come to order.

The committee has under consideration H. R. 12591, extension of the reciprocal trade program. I submit for the record a copy of the bill as well as a brief analysis of the provisions therein.

(The analysis and bill follow:)

General authority.—Authority of the President to enter into trade agreements is extended from June 30, 1958 to June 30, 1963 (sec. 2).

Tariff reductions.—Authority is granted to reduce tariffs by (i) reduction of rates existing on July 1, 1958 by 25 percent in stages of not more than 10 percent in any 12-month period; (ii) reduction by 2 percentage points (or its equivalent) as an alternative to (i) with no more than 1 percentage point reduction in any 12-month period; (iii) alternatively, a reduction to 50 percent ad valorem in no less than 3 annual stages, each limited to one-third of the total reduction (sec. 3 to (8)).

Tariff increases.—Authorization to increase tariffs to a rate of 50 percent above the rate existing on July 1, 1934 (instead of 50 percent above the January 1, 1945 rate, as in the present act) (sec. 3 (c)).

Etcape-clause procedure.—The present escape-clause procedure is retained with the following modifications in the procedure: (a) Escape-clause investigations and reports are to be completed by the Tariff Commission in 6 months (instead of the present 9 months) (sec. 5 (b)); (6) subpena powers granted to the Tariff Commission in escape-clause proceedings (sec. 9 (a)); (c) duty-free items bound in trade agrements may be transferred to the dutiable list and rates imposed up to 50 percent ad valorem (sec. 5 (c)); (<J) organization or groups of employees are granted authority to file an application for escape-clause proceedings (sec. 5 (a)) («) a Presidential disapproval of a Tariff Commission recommendation may be overridden by the adoption of a concurrent resolution by a two-thirds vote of both houses. Such a resolution would be a privileged matter in order to expedite congressional consideration (sec. 7).

Peril-point procedure.—The present peril-point authority is amended by W making an escape-clause investigation automatic whenever the Tariff Comrcisaion finds in a peril-point report that an increase in duty over existing levels 's necessary to prevent injury (sec. 4 (b)); (6) peril-point investigations and reporte are to be completed in 6 months (instead of the present 4) (sec. 4 (a)).

National security amendment.—(a) The national security amendment is amended to specify certain of the factors which are to guide the ODM in considering whether "oports are threatening to impair the national security (sec. 8 (c)); (6) ODM is to carry out an investigation upon application of an interested party or upon the •notion of the head of any agency of Government, including the Director of the "BM (aec. 8 (b)); (c) the investigatory proceduTM of ODM is altered to provide for a single investigation (sec. 8 (b)); (rf) a report must be published on disposition of each investigation (sec. 8 (d)); (e) ODM is to issue procedl regulations for the conduct of such investigations (sec. 8 (d)).

Annual report.—Included in the annual report on the operations of the tr agreements is to be a statement on progress made in removing restrict maintained against United States exports by other countries (sec. 3 (d)).

Negotiation procedure.—It is the sense of the Congress that during the nego tions of a trade agreement, the President is to seek information and advice f representatives of American industry, agriculture, and labor (sec. 3 (f)).

GATT.—Enactment of this legislation does not indicate approval or disappn of the GATT (sec. 10).

[H. B. 12591, 85th Cong., 2d sess.]

AN ACT To eitend the authority of the President to enter Into trade agreement! under section 350 c Tariff Act of 1930, as amended, and for other purposes

Be it enacted by the Senate and House of Represeniatiws of the United Slate America in Congress assembled, That this Act may be cited as the "Trade Ag ments Extension Act of 1958".

Sec. 2. The period during which the President is authorized to enter into fon trade agreements under section 350 of the Tariff Act of 1930, as amended U. S. C., sec. 1351), is hereby extended from the close of June 30, 1958, u the close of June 30, 1963.

Sec. 3. (a) Subsection (a) of section 350 of the Tariff Act of 1930, as amen (19 U. S. C., sec. 1351 (a)), is amended as follows:

(1) Paragraph (2) (A) is amended by striking out "January 1, 1945" and inserting in lieu thereof "July 1, 1934".

(2) Pa agraph (2) (D) is amended by inserting "and before July 1, 19 after "June 12, 1955,".

(3) The last sentence of paragraph (2^ (D) (ii) is amended by strikinc "section 402 of this Act (as in effect' and inserting in lieu thereof "section 4(K 402a of this Act (as in effect, with respect to the article concerned,".

(4) Paragraph (2) is amended by adding at the end thereof the following i subparagrnph:

'(K) In order to carry out a foreign trade agreement entered into by President on or after July 1, li>58, decreasing any rate of duty below lowest of the rates provided for in paragraph (4) (A) of this subsection."

(5) Paragraph (3) (A) is amended (A) by sinking out "of subparagraphs and (C) of this paragraph," and by inserting in lieu thereof "of subpartigra (B) and (C) of this paragraph and of subpnragraph (U) of paragraph (4) of i subsection,", and (U) by striking out "suspension under paragraph (4)" and inserting in lieu thereof "suspension under paragraph (5)".

(6) Paragraph (3) (D) is amended by striking out "paragraph (2) (C) or (I and by inserting in lieu thereof "paragraph (2) (C) or (D) or paragraph (4) or (B)"".

(7) Paragraphs (4) and (5) are renumbered as paragraphs (5) and (6), resj tively.

(8) Subsection (a) is amended by inserting after paragraph (3) the follow new paragraph:

"(4) (A) No proclamation pursuant to paragraph (1) (B) of this subsect shall be made, in order to carry out a foreign trade agreement entered into by President on or after July 1, 1958, decreasing any rate of duty below the low of the following rates:

"(i) The rate which would result from decreasing the rate existing July 1, 1958, by 25 per centum of such rate.

"(ii) Subject to paragraph (2) (B) of this subsection, the rate 2 per cent ad valorem below the rate existing on July 1, 1958.

"(iii) The rate 50 per centum ad valorem or, in the case of any art subject to a specific rate of duty or to a combination of rates includin specific rate, any rate (or combination of rates), however stated, the valorem equivalent of which has been determined aa 50 per centum valorem.

The provisions of clauses (ii) and (iii) of this subparagraph and of subparagn (B) (ii) of this paragraph shall, in the case of any article subject to a combinat of ad valorem rates of duty, apply to the aggregate of such rates; and, in the c of any article subject to a specific rate of duty or to a combination of rates includ

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