Word: gattes
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...When GATT was formed in 1947, China was a member of the Geneva-based organization, but the country dropped out in 1950, after its Communist revolution. The move to return to the fold is part of Deng Xiaoping's bold campaign to decentralize the Chinese economy. Under his leadership, China has boosted its imports and exports from $29 billion worth in 1979 to $59 billion last year. In 1960, 70% of China's trade was with Soviet bloc countries, but now 80% of it is with the non-Communist world, especially the U.S. and such Asian neighbors as Japan...
...preliminary step toward instituting a ban on the importation of Krugerrands, consultations will be held with GATT (General Agreement on Tariffs and Trade), the Geneva-based U.N. trade agency. The Treasury Department will be directed to study the feasibility of minting U.S. gold coins as a substitute...
...planning for one, but laid down a string of conditions that France's partners would find difficult to meet. U.S. Secretary of State George Shultz stated U.S. eagerness to talk trade liberalization with any groups of nations, or even individual countries, that are willing to deal if a GATT conference could not be convened. But such piecemeal negotiations would lack the impact of a worldwide conference and would risk shredding the multilateral trading system. Bit-by- bit talks would also force a test of loyalties on European nations. Paris lost no time reminding them that there are questions about...
...GATT study sets out a 15-point program for "specific, immediate action." Among the recommendations: fairer agricultural trade rules, reduced government subsidies to industries and fewer restrictions on imports of textiles and clothing. In addition, the report urges the start of a new series of world-trade talks. "We have tried to be realistic," said Fritz Leutwiler, former president of the Bank for International Settlements and chairman of the group. "We realize that 100% free trade will remain science fiction forever, but we think heads of government should not be paying lip service to free trade while building protectionism...
...GATT document was greeted by U.S. officials who have been pressuring Western Europe and Japan to ease restrictions on American products and services. "I welcome wholeheartedly the tone and tenor of this report," said U.S. Trade Representative William Brock. He called the recommendations "just the sort of tonic necessary to reinvigorate the global trading system, which we have worked so hard to foster since World...