Word: asp
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...protests of powerful industries which feel the lower tariffs will bring disastrously stiff competition. The strongest reaction to the Round has come from the thriving chemical industry. At the negotiations, the American team made a tentative agreement, subject to approval of Congress, to eliminate the American Selling Price (ASP) method of evaluating certain chemicals (mostly dyes and pigments). The chemical industry considers this a life-and-death matter and is feverishly lobbying to defeat the legislation to repeal the ASP...
...ASP system uses the American price to evaluate chemicals rather than the importing company's price. The American price is usually higher, thereby artificially raising the value of the import on which the tariff is placed. It was a defensive measure used against Germany in the First World War, and once established it never relented. Nations at the Kennedy Round were, understandably, insistent upon the abolition of this discriminatory practice. Because they did not have specific authority under the 1962 Trade Act to abolish it, the U.S. negotiators agreed tentatively to seek abolition, in return for more concessions from...
...from leading Washington and New York law firms, former Under Secretary of State George Ball, and Senator Russell B. Long, who is chairman of the Senate Finance Committee. They showed their power a year ago, when it was first learned that the U.S. team was considering bargaining on the ASP at the Common Market's insistence. The Senate promptly adopted a resolution urging the President to instruct the U.S. negotiators to agree only to provisions under the 1962 Trade Expansion Act, thereby aiming directly at the chemical issue...
...industry is currently adopting the argument that repeal of ASP would damage the industry and cause large-scale job cuts among semi-skilled workers. According to the industry these people are often Negroes and Puerto Ricans, who would have great difficulty finding other jobs with similar pay. The industry often points out that Newark and New Jersey would be particularly threatened...
...duty in the Kennedy Round agreement provide a comfortable level of tariff protection, according to most impartial economists. And the level of protection is well above the other major chemical-producing countries. Still Congressional trade expansionists will never convince their fellow chemical protectionists, and the passage of an ASP repeal motion is questionable...