Word: important
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...hearings and markup sessions on a tough bill that would have raised the tax on gasoline to as much as 40? per gal. in stages by 1979, imposed a windfall-profits tax on the oil companies, put a tax on autos with poor mileage and set oil-import quotas...
...roopy young Englishmen, who methodically take the world apart each week in a series of sketches mysteriously called Monty Python 's Flying Circus, have conquered the U.S. air waves. The Pythons are getting the kind of following that a presidential candidate might envy. They are the hottest TV import; 78 public-television stations are now committed to run the show, which is one of the most popular in public TV history. Doubtless there will be many more as their new movie, Monty Python and the Holy Grail (see box), is released across the nation. The flick has already opened...
...Iran and many Third World leaders want to "index" raw-materials prices to rates of inflation in the West so that commodity prices will rise as much as the prices of manufactured goods. Kissinger flatly opposes that idea, contending that it would hurt the poorest, most populous nations, which import more raw materials than they export. It is doubtful too that the new U.S. willingness to consider stabilization agreements will diminish commodity producers' desire to form cartels that set prices arbitrarily. Nonetheless, international bodies such as the United Nations Conference on Trade and Development are opening a drive...
...these rumblings indicate, protectionist sentiment is rising around the world-to no one's surprise. Demands that domestic businesses be shielded against import competition always become more strident during times of spreading unemployment. The real surprise is that despite the severity of the global recession, free traders so far have held the dikes successfully against the protectionist tide; nothing resembling the tariff wars of the 1930s has occurred. Import-limiting actions, as distinct from talk, have been few and scattered. For example, Finland now requires importers to post large bonds, and the Japanese have persuaded several trading partners...
...pledge for tariff reform by slashing levies 25% across the board. As late as last December, Whitlam was telling Europeans that "a retreat into economic isolation is no answer for us or any other nation." But even as he spoke, his government was beginning to consider re-establishing stiff import quotas and tariffs...