Word: brazil
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Dates: during 1960-1969
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Forces for Confidence. A second U.S. businessman who has large interests in Latin America added some fascinating statistics to bolster Rockefeller's case. He was John T. Connor, president of Merck & Co., Inc., which operates pharmaceutical plants in Argentina, Brazil, Colombia, Mexico, Peru and Venezuela. Talking to a New England trade group in Boston, Connor noted that U.S. companies account for one tenth of Latin America's gross national product-and pay one fifth of all taxes, and produce one third of all exports. Yet, he continued, while the Alliance asks for an additional $300 million investment each...
...talk about trading with both East and West, Brazil has not found much to swap with the East. Last year's imports and exports amounted to $95.6 million, or about 3.6% of Brazil's foreign trade, while $950 million, or 36%, was with the U.S. Yet Brazilians still feel that the Soviet bloc offers a "high-potentiality market," and after nearly four months of palaver, they have signed a treaty to sell an awful lot of coffee and other products to Russia...
...five-year pact is supposed to increase trade to $160 million this year, to $225 million by 1965 and after that, it all depends on how things work out. Brazil will import Russian oil, wheat, airplanes, tractors and industrial machinery. In turn, the Russians promise to buy Brazilian oranges, cotton, rice, cocoa, plus 60,000 tons of coffee per year-about 5% of Brazil's coffee exports. Being tea drinkers themselves, the Russian's propose to send shiploads of the coffee to Castro's Cuba. And on this point the two countries fell into their first conflict...
Brakes on the Boom. In the resulting traffic jam, producers, workers and customers are getting stuck. Brazil in just six years has built the world's ninth biggest auto industry, luring a dozen producers by giving them ample credit, tax and tariff help, and virtually banning imports of cars completely assembled abroad. But Brazil's current and belated austerity program is hurting its auto boom. Curbs on credit have cut back buying and wiped out the backlogs of orders; automakers have reduced production by 30% and laid off 3,000 workers. Argentina has attracted 26 auto companies...
...expensive: a homemade Chrysler Corp. Valiant sells for $3,500 in Venezuela, a Ford Falcon for $5,530 in Argentina. Nationalistic politicians argue that these prices are not too high to pay for developing a national industry that will create jobs, reduce imports and preserve precious foreign exchange. In Brazil alone, 1,300 companies have sprung up to supply the automakers, and only $24 worth of parts on each car is now imported. But Argentina still spends $200 million a year to import auto parts-just about what it would spend if it imported all its cars...