Posted on 06/20/2016 2:54:56 PM PDT by Biggirl
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A more accurate measure of the increase in tariff rates attributable to Smoot-Hawley can be found in a study carried out by the U.S. Tariff Commission. This study calculated the ad valorem rates that would have prevailed on actual U.S. imports in 1928, if the Smoot-Hawley rates been in effect then. These rates were compared with the rates prevailing under the Tariff Act of 1922, known as the Fordney-McCumber Tariff. The results are reproduced in Table 1 for the broad product categories used in tariff schedules and for total dutiable imports.
Table 1
Tariffs Rates under Fordney-McCumber vs. Smoot-Hawley
Equivalent ad valorem rates
Product................Fordney-McCumber.......Smoot-Hawley
Chemicals...........................29.72%................36.09%
Earthenware and Glass.......48.71...................53.73
Metals..................................33.95..................35.08
Wood...................................24.78..................11.73
Sugar...................................67.85...................77.21
Tobacco...............................63.09...................64.78
Agricultural Products..........22.71..................35.07
Spirits and Wines................38.83.................. 47.44
Cotton Manufactures...........40.27..................46.42
Flax, Hemp, and Jute...........18.16..................19.14
Wool and Manufactures.......49.54..................59.83
Silk Manufactures................56.56..................59.13
Rayon Manufactures............52.33..................53.62
Paper and Books..................24.74..................26.06
Sundries...............................36.97................. 28.45
Total.....................................38.48................. 41.14
Source: U.S. Tariff Commission, The Tariff Review, July 1930, Table II, p. 196.
By this measure, Smoot-Hawley raised average tariff rates by about 2 ½ percentage points from the already high rates prevailing under the Fordney-McCumber Tariff of 1922.
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In no particular order, these are the excuses I’ve heard the globalists give for Brexit-
-Remain didn’t present the case so the “common man” understood.
-The ballots were too confusing for the “common man” to understand.
-The “common man” doesn’t know what’s best for the UK.
- The Leave group made promises it cannot keep.
- White people are bad.
Nowhere in the msm did I see any, I mean ANY favorable response.
Figures. It's become par for the course.
Watching the live results last evening and listening to Skynews commentaries was interesting.
First, LEAVE leaps forward. Newsies are in panic mode — but London hasn’t reported, so there is still hope.
Then, REMAIN takes the lead. The newsies basically declare it over, after that initial whiff of LEAVE leading passed.
Then, the voting got in the range of 7 to 8 million and LEAVE retook the lead and kept it, even expanded it, as each new million was counted.
Newsies and pols they were interviewing were in meltdown mode. It sort of reminded me of the 2010 election when Blitzer said ‘the Democrats have taken a shellacking.’
LEAVE finished with about a 1.3 million lead over REMAIN.
I listened and read until I couldn’t keep my eyes open! Your analysis seems accurate , what a roller coaster.
It’s going to take time to implement. .I pray they don’t lose their spine...as Maggie would say...”don’t go wobbly”...meanwhile, Rule, Britannia!
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