Word: barterer
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Dates: during 1960-1969
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...Pakistan, even as U.S. Under Secretary of State George Ball was objecting to President Mohammed Ayub Khan's new commercial air pact with Peking, Pakistani and Red Chinese diplomats were negotiating a barter agreement last week. A Soviet mission flew into Ottawa to draw up an expanded trade treaty; last month Canada signed a $360 million wheat export deal with Red China. This month West Germany begins negotiating a trade treaty with Hungary...
...Barter Is Better. How big are the benefits? Trade between free nations and the Soviet bloc rose 12% last year to $9 billion, and Western trade with Red China was another $1.4 billion. That seems small when compared with total world trade of $141 billion, but it is significant enough to individual Western firms. Richard Thomas & Baldwins, Ltd., Britain's last remaining nationalized steelmaker, is being helped in a period of soft demand by a $2.8 million order that Red China placed last week. West Germany's Howaldt shipyard, which lately has been working below capacity, will...
...reached Austria. Six Austrian grain importers were arrested and released on bail ranging up to $200,000, one of the highest figures in the country's history, for "mis-labeling." Since the U.S. Government demands cash or letters of credit in advance from U.S. exporters involved in grain barter deals, the U.S. stands to incur no direct losses...
Either somebody in the U.S. was acting dishonestly, muttered Senator Williams, or "there's something radically wrong with the laws," and he may well be right about that. The Agriculture Department's regulations governing international barter transactions are so loose that they invite dishonesty. According to one observer, "anybody would have to be nuts to be honest in this business...
Since the U.S. has negotiated similar barter deals involving $1.6 billion worth of agricultural commodities over the past 13 years, it was a pretty safe bet that U.S. agricultural attaches in many a foreign capital were hurriedly digging into the records to see who else has not been nuts...