OCR Text |
Show ADJUSTING TARIFFS By CORDELL HULL Secretary of State. I WISH to call your attention particularly to the decline in this current year of our exports to many of our best consuming markets In Europe. Thus, our exports to Europe Eu-rope In January and February of this year declined 16 per cent in relation to that of January and February of a year ago. If we place embargoes upon our imports we shall, In the last analysis, anal-ysis, witness Inevitably the destruction of our export trade. Seized with an unreasoning fear whenever a small driblet of imports of a competitive nature comes over our tariff wall, even when under purely temporary or accidental conditions, such as, for example, the drouth, action ac-tion is urged which, if followed too frequently, fre-quently, may lead to retaliation by other countries, so that step by step such action may lead straight toward a complete com-plete embargo of imports all around, and since one country's Imports are another country's exports, a like embargo em-bargo of exports all around. |