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Underwood Simmons Tariff Law Sets Averages At 27 Percent
The new tariff bill known as the Underwood-Simmons measure becomes law after six months of debate. It reduces the general average duties to about 27 percent from the previous 35 percent, with wool duties scheduled to take effect December 1 and other rates phased in January 1. The conference committee settled many differences between house and senate figures including cotton cloths and yarns, citrus fruit, bananas, fur and leather products, and the free list for certain items. The bill aims to raise revenue with a projected yearly surplus of at least 16 million dollars and marks the first Democratic originated tariff in about a quarter century.
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