Word: gatt
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Dates: during 1960-1969
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Instead, in its search for ways to reduce the U.S. balance of payments deficit, the Administration since January has been pondering, among other things, a 2% border tax on imports. Border taxes, however, if applied broadly, would require a major overhaul of the U.S. tax system. Under GATT rules, before such levies can be made on imports, indirect taxes must first be collected on domestically manufactured products, though they can be rebated on exports. Another alternative is a 5% tariff surcharge, but the U.S. cannot lawfully impose one under GATT rules without a most unlikely special dispensation from its trading...
...from Britain, Australia, Canada, Japan, Denmark, Finland, Sweden, Norway and 14 Latin American nations. The six Common Market members sent six separate notes of protest. The complainers intimated that if the U.S. insisted on being protectionist, they would refuse to ratify the Kennedy Round agreement. Moreover, under present GATT regulations, they are free to put quotas of their own on imports from...
...chemical duties, a plan to provide grain for underdeveloped nations, and a code to curb below-cost "dumping" of products in world markets. Clearly reflected was the fact that there had been plenty of room for economic maneuver even after the weary Geneva negotiators, under firm prodding by GATT's British Director General, Eric Wyndham White, came to a basic agreement seven weeks ago (TIME...
Secret Details. Negotiators reached an antidumping agreement to prevent international sales of goods below cost, but its details (like those on most specific tariff cuts) were temporarily kept secret. However disturbing-and confusing-that secrecy is to businessmen, the GATT delegates consider it essential to enable them to codify the Byzantine complexities of their agreements in time for governments to sign them by June 30, when President Johnson's authority to cut tariffs expires...
...poverty. Under French pressure on behalf of France's former colonies, the Common Market failed to trim duties at all on tropical foods and fibers, thus stopping the U.S. from doing so. By common consent, devising more tariff help for the world's poor nations will be GATT's next order of business...