Word: importance
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Dates: during 1970-1979
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...other major exception to the rules fell in the lap of the U.S. steel industry. On orders from the White House, foreign steel became the only major industrial product that will be subject to both an import quota and an import tax surcharge. Sellers of nearly all other foreign products whose importation is formally restricted, notably oil, will not have to pay the 10% surcharge. When asked to explain the ruling, which amounts to double protection for domestic steel, COLC Executive Director Arnold Weber pointed out that the original White House explanation of the import surcharge did not contain...
TRADE. At a meeting of the General Agreement on Tariffs and Trade, the U.S. rejected trading partners' arguments against the import surcharge and said that the levy will continue until the U.S. balance of payments improves. The American position was bolstered by the announcement late in the week that in July U.S. exports lagged behind imports for the fourth consecutive month...
...more important in terms of long-range relations between the U.S. and Latin America will be Washington's response to the wave of nationalism now sweeping the continent and to the expropriation of U.S. companies. The U.S. avoided a confrontation with Peru over I.P.C. and is now working out an agreement. Recently, however, U.S. policy has taken a harder line toward any country that expropriates American property and fails to promise "prompt and adequate compensation." The chief spokesman for that point of view is Treasury Secretary John Connally. He had the U.S. pointedly abstain from voting for World Bank...
Substantial Realignment. Much of the caution in the world's money markets is a consequence of increasing uncertainty over just how long the Administration will keep the 10% import surtax in effect...
Overseas, editorial reaction concentrated on the free-floating dollar and the import surcharge, particularly in nations that are big U.S. trading partners. West Germany's normally reserved Suddeutsche Zeitung blasted Nixon's program as a "declaration of war in trade policy." Tokyo's Asahi complained that Japan would have to make "drastic concessions," and Hong Kong's South China Morning Post said "Nixon's economic fusillade threatens to be the biggest single blow to world trade short of a nuclear attack...