Eleventwelfths were imported under the SmootHawley Tariff Act. Obviously we shall have to look beyond our reciprocity treaties to find out why our favorable balance of trade is disappearing. A debtor nation that becomes a creditor nation. that shuts off immigration. increases its merchant marine. and stops giving away money in the form of fake foreign investments will lose its socalled favorable balance of trade. let the tariff walls reach the clouds or completely disappear. From 22 to 29 we had our highest peacetime favorable balance of trade. Our new reciprocity rates merely reestablish tariff conditions existing at that time.
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immigration