Word: gattes
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...action is mandatory under an 1897 law that orders levies slapped on imports that benefit from subsidies at home and thus theoretically can undersell U.S.-made products. In 1974, shortly before the onset of the Tokyo Round of talks under the 84-nation General Agreement on Tariffs and Trade (GATT), Congress voted a four-year holiday on the imposition of the countervailing duties. The hope was that in the meantime the Tokyo Round would end and the dispute over subsidized exports be resolved...
Such actions are badly needed. The turbulent monetary markets and a rise of protectionism are already causing a serious decline in the volume of world trade. According to new figures released by GATT in Geneva, world trade grew only 4% in 1977 (v. 11% the year before), and the slowdown is continuing...
Thus did Robert S. Strauss, Jimmy Carter's chief trade negotiator, size up the importance of last week's Geneva session in the 98-nation trade talks sponsored by the General Agreement on Tariffs and Trade (GATT). Started in Japan more than four years ago to lower international tariff walls, the so-called Tokyo Round talks have proceeded at a snail's pace-mostly as a result of U.S. preoccupation with Watergate, the Viet Nam pullout and the 1976 presidential elections. Last week the negotiations entered a new and decisive phase, when the U.S. followed Japan...
...Congress, which faces fall elections, could also refuse to ratify any agreement. Strauss does have the wholehearted support of President Carter, but this Congress has shown itself to be well aware that protecting home industries is an easy way to win votes. Indeed, protectionism has developed global momentum: GATT studies suggest that trade-restricting moves by various countries cost the world $30 billion to $50 billion in potential international commerce over the past three years. Noting the political pressures, one Geneva negotiator fears that the meeting could end by simply "defining gentlemanly rules for conducting a trade war." Strauss does...
...basic" balance of payments (current transactions plus long-term capital movements) showed a surplus for the first time in the 15 years these figures have been recorded. Main reason for the improvement: higher sales of U.S. goods abroad as a result of previous dollar devaluations. Still, the GATT talks are hugely important to world prosperity. The volume of international trade last year dropped by 6%, to $731 billion...