Word: gattes
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LOWER TARIFFS are in prospect for a list of some 1,000 imported items (value $2 billion) in 1956. Under the General Agreement on Tariffs and Trade (GATT), the U.S. will put up nearly one-fifth of its imports (everything from golf balls to autos) for trade bargaining with 25 nations in Geneva this January. Though not all duties will be cut, prospects are that many items will be cut 15% over the next three years...
Surveying the world's trade boom, officials of GATT (the 34-nation General Agreement on Tariffs and Trade) reported last week that trade totals for the last six months of 1954 were almost 30% higher than they were in 1950. But two bad practices impede an even greater prosperity, said GATT. Nonindustrial countries (in Asia and Latin America) maintain tariff and quota walls to protect infant manufacturing industries which are in many cases uneconomic. Industrial nations (Western Europe and the U.S.) continue to protect their farmers against imported farm products that are produced more cheaply elsewhere...
...result, said GATT, is that the people of predominantly agrarian countries pay high prices for shoddy manufactures produced in their own factories, while the people of industrial nations are forced to buy expensive home-grown food...
Requested of Congress by the President: approval for U.S. entry into the Organization for Trade Cooperation, which administers the 34-nation General Agreement on Tariffs and Trade (GATT controls 80% of the world's trade). Congress is far from sure about GATT (TIME, June 6), fearing that its trend toward lower tariffs will undercut U.S. industries in competition with foreign imports, e.g., Japanese textiles, Swiss watches. The House Ways and Means Committee is not likely to schedule hearings on the President's request before the expected midsummer adjournment...
...State Department calls Japan's invitation to GATT a "notable achievement for the U.S. foreign economic program," and the delighted Japanese officials in Geneva poured champagne. But Britain, beset by Japan's competition with her depressed Lancashire textile industry, announced that it would not extend GATT's most-favored-nation treatment to Japan. Also outraged : the American Cotton Manufacturers Institute, which called the new U.S. tariff agreement with Japan "a staggering blow" to U.S. textile makers...