Word: importance
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Dates: during 1960-1969
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...counseled the Israelis not to test the blockade, and Israel decided for the time being to keep its ships out of the Gulf of Aqaba. It could still import oil from Western Europe and the U.S. through its major Mediterranean port of Haifa, which also happens to be the center of its oil refining industry. Israel thus can live for a while with the blockade-but only for a while. Some ships bearing goods to Israel have already sailed for Elath. If Nasser is adamant about turning back Israeli ships, the U.S. and Britain (both of which had naval task...
...ALUMINUM. Despite U.S., Canadian and Scandinavian pressure, the Common Market, at French insistence, refused to cut its 9% aluminum duty; but the EEC agreed to allow the import of 130,000 tons a year of the metal at a 5% rate...
American chemical and steel producers, however, angrily denounced the pact. The chemical men promised a fight to prevent Congress from repealing the American Selling Price law-even though the U.S. exports chemicals worth three times its imports. The steelmakers' ire centers on the Kennedy Round's comparative failure to persuade other countries to end nontariff trade barriers, such as quotas, border taxes and import licensing. "We couldn't ship any steel into Japan if we gave it away," complains Chairman Edward J. Hanley of Allegheny Ludlum Steel Corp. "It's embargoed." Similar protectionist obstacles cover hundreds...
Because of the June 30th expiration date of the Trade Expansion Act, which enables the U.S. to cut its import duties across the board, the Kennedy Round negotiators came under relentless pressure to end the marathon talks last week to allow time for the complex documents to be prepared for President Johnson's signature. Much of the delay was caused by the Common Market team, led by diminutive Jean Rey, a Belgian lawyer who heads EEC external affairs. Again and again since last fall, Rey stalled the bargaining in order to seek fresh instructions from EEC head quarters...
...Still, the U.S. insisted that reluctant Europeans join in creating a massive food-aid program for underdeveloped countries, which would increase world demand for U.S. wheat. For its part, the Common Market demanded that the U.S. get rid of its 1922 law that bases tariffs on certain chemical imports, drugs and rubber footwear on the American selling price of those products. The result is extraordinarily high import duties-up to 172% in the case of yellow vat dye-but only Congressional action can abolish the system...