Word: imported
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...these include: 1) congressional enactment of a stimulative tax program similar to, or even more generous than the one proposed by President Nixon; 2) reasonable success in curbing wage and price increases in Phase II; and 3) little retaliation from abroad as a result of the Administration's import surcharge...
...other governments about what we have done, but Connally can forestall that. He could announce that, because we have accomplished much of what we set out to do and have a better understanding of our problems on the part of the rest of the world, the U.S. 10% import surcharge is being removed. He could say that the dollar price of gold depends on the final arrangements for a new monetary system-or even give a little immediately and agree to a modest devaluation of the dollar. I think he would get a program that could be sold quickly...
...import surcharge presents a difficult problem of timing. Getting rid of it is a high-priority item for the Europeans and Japanese, whose sales in the lush U.S. market will soon be hurt by the tax. But the Nixon Administration is reluctant to give up the bargaining lever that the surcharge provides, and the President last week hinted that the tax will be around for quite a while. Still, the Europeans' main demand at the moment is reasonable: that the U.S. spell out clearly its conditions for dropping the surcharge. The toughest issue is the size and speed...
...That tactic may work at home, but Europeans do not bargain the way Texans do. Unpublished sections of a report adopted by the 55-member council of the General Agreement on Tariffs and Trade, meeting in Geneva last week, indicated the danger. The report warned that if the U.S. import surcharge is still in effect by Jan. 1 and prevents the U.S. from carrying out the final phase of tariff cuts agreed to in the Kennedy Round negotiations, GATT nations would be compelled to retaliate -in short, it predicted a trade...
...imponderable for traders, farmers and the taxpaying public is whether foreign countries will retaliate against the U.S. import surcharge. Meeting with President Nixon last week, farm group leaders urged an early end to the surcharge to prevent their goods from being kept out of overseas markets. In the year ending last June, the U.S. sold $2.9 billion worth of farm goods to Europe. Of the total, $1 billion was in sales of soybeans and soybean products, which are used in things like margarine and ink. This commodity would be vulnerable in any trade war; if necessary, Europeans could import soybeans...