The American Trade Treaty The negotiations for the Anglo-American trade
treaty have been subjected to severe criticism by New England Congress- men this week. Their criticisms were founded on arguments which are, and will be, urged with equal force and determina- tion by private interests in this country ; and Mr. Cordell Hull's reply is a model of how they should be answered. The Secretary of State emphasised especially the effect of the treaty in stabilising and improving economic relations, and hence in producing an invaluable alleviation of the inter- national situation. In the present critical condition of Europe the agreement may seem too indirect and gradual a method of achieving peace ; but if there is to be any long- term policy for resolving the world crisis it is in such instruments that it can be found. Fortunately, the trade negotia- tions have powerful supporters on both sides of the Atlantic ; it is gratifying to find Lord Beaverbrook, in the Evening Standard, urging with great force the arguments in favour of the treaty and declaring that, in the case of America, as of the British Empire, an exception should be made to the two great rules of Isolationism and Protection. Lord Beaverbrook emphasised the exceptional importance Of the Treaty by explaining its immediate and beneficial effect on nearly half the trade of the world ; and his arguments are the more important because of his influence on many who would other- wise tend to oppose the negotiations.
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