Word: barter
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Russian economic offers often prove less attractive than they first seem; most countries have to accept barter instead of hard cash, often find Russian goods shoddy, Soviet maintenance poor. But so long as the threat of a congressional cutback in U.S. aid and trade programs and increasing pressure for more U.S. tariffs on basic commodities exist, the attractions of the Soviet lure are apt to become even stronger. U.S. business will not only lose some of its present markets, but, far more important, will be kept out of the markets of the future...
Premier Nobusuke Kishi's tricky victory of the Chinese flags (TIME, April 21) did not last long. To make a $196 million barter deal with Red China, he had agreed to a Red Chinese trade mission in Tokyo, which would be allowed to fly Communist China's flag over their headquarters and on their cars. To mollify Nationalist China-which had slapped a protest boycott on Japanese goods-Kishi ruled that Red China's flag would not have diplomatic status in Tokyo, but would get police protection under the laws against damaging private property. Formosa was pacified...
...gross insult to the dignity of the People's Republic of China." Furthermore, said Peking, Premier Kishi was "two-faced" and "a notorious Fascist." In a clear attempt to influence Japan's forthcoming elections, Peking spokesmen crudely threatened that Red China would not revive the barter agreement so long as "the impediment of the Kishi government continued to exist...
...weeks after President Magsaysay's death, the new Garcia administration gave an organization called the Philippine Coconut Producers' Federation permission to barter copra for foreign goods. The federation, Senate investigators later learned, was merely a front for a naturalized Chinese operator who exported only a fraction of the copra he was supposed to, but managed to reap a tidy $600,000 profit by selling to Manila merchants his dollar import allocation...
...others did boggle. Nationalist China called it the first step toward full diplomatic relations between Tokyo and Peking, and retaliated by slapping a boycott on Japanese goods, thereby trying to force Japan to choose between the chancy Red barter deal and its solid trade with Formosa ($149 million last year). And so began the battle of the flag...