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7345770
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Statement by the President on falling sugar prices [Ford Speech or Statement]
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document
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1
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id
7345770
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contentType
document
title
Statement by the President on falling sugar prices [Ford Speech or Statement]
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White House Press Releases (Ford Administration)
Press Releases
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7345770
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21
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1976-09-21
month
9
year
1976
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nara-archive
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ae90386b8acce9d2
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Digitized from Box 31 of the White House Press Releases at the Gerald R. Ford Presidential Library
FOR IMMEDIATE RELEASE
September 21, 1976
Office of the White House Press Secretary
THE WHITE HOUSE
STATEMENT BY THE PRESIDENT
Since July the price of raw sugar has steadily
declined and is now below the cost of production for most
U.S. sugar producers. At current price levels many U.S.
sugarbeet and sugarcane producers are unable to operate
profitably. I have watched these developments with growing
concern, mindful of the important contribution that our
sugar industry makes to the national economy. Consequently,
when prices plummeted in August, the interagency Task Force
on Sugar Policy was reconstituted to update the supply,
demand and price outlook for the remainder of 1976 and to
consider the policy implications of these projections. The
Task Force has now completed its review and has reported to
me its analysis of the problem and the policy options.
After reviewing the work of this Task Force, and
determining the views of members of Congress from the affected
areas, I have decided to give my full support to the request
of the Senate Finance Committee for an escape clause inves-
tigation by the U.S. International Trade Commission under
Section 201 of the Trade Act of 1974. I fully agree with the
Finance Committee that this matter requires a full and com-
plete examination by the USITC. Further, because of the
urgency of the problem for America's sugar producers, I am
asking the USITC to expedite its review and to report its
findings as soon as possible.
In addition, in view of the depressed state of the
sugar industry, I have decided, pending completion of the
USITC investigation, to raise the duty on imported sugar from
.625 cents per pound to 1.875 cents per pound effective
immediately. Increased custom duties will offer domestic
producers some protection from imports while the USITC
investigation is underway. I emphasize that this is an
interim measure which I will review following receipt of
the findings of the USITC and that I am not prejudging the
eventual findings and recommendations of the USITC with
respect to the question of injury or possible remedial
measures.
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