Word: gatt
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Dates: during 1960-1969
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...imposed as special border taxes on U.S. products entering European countries. That tends to add 6% to 23% to the prices of U.S. goods above and beyond import duties. VAT is sanctioned by the 21-year-old General Agreement on Tariffs and Trade, to which the U.S. subscribes. Under GATT rules, the U.S. can neither match such export subsidies nor raise similar import barriers because it relies chiefly on other forms of taxation. Except for excise taxes on a few items-autos, alcohol and tobacco -the U.S. has no value-added taxes...
...Committee for Economic Development, a group of top executives, argues that VAT should be considered as a partial replacement for corporate income taxes. Congress so far shows no inclination to consider such fundamental changes. In Geneva, American negotiators have been pushing for a sensible change in GATT rules to allow U.S. companies to receive export rebates based on corporate income taxes and other "direct" taxes. In his final economic message, President Johnson asked for Europe's help in revising the rules "so that they no longer give a special advantage" to Europe...
Eric Wyndham White, 55, has spent the past two decades coaxing industrial nations into lowering their tariff barriers to international trade. As head of the General Agreement on Tariffs and Trade (GATT) ever since its creation in 1948, he earned a reputation as a trusted and respected mediator. But when cooperation eluded him, the outspoken Briton's most characteristic tactic was a blunt threat to quit. And often enough, that threat got him what he wanted...
Last week his successor, Olivier Long, 53, moved into Le Bocage, the 150-year-old lakeside villa set in the greenery of a Geneva suburb that serves as head quarters for GATT and its small professional staff of 60. A native of Geneva and Switzerland's suave Ambassador to the Court of St. James's since 1966, Long brings a portfolio of experience that he collected during six years as head of the Swiss delegation to the Outer Seven...
...Kennedy Round agreements hold, the new head of GATT and his associates will be able to start work on another major effort to liberalize world trade. They plan to tackle the area of nontariff obstacles to commerce from border taxes to sanitary regulations. Also high on GATT's agenda are measures to encourage trade between developed and underdeveloped nations by means of special concessions. Long foresees a period ahead in which the problems of poorer countries will be "of paramount importance," and his main job will be to help stop the widening prosperity...