Word: imported
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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...
...increase its exports, since American-produced computers, heavy machinery, jet planes, farm goods and other items will now be cheaper overseas. Over the long haul, the dollar devaluation will benefit countries from which the U.S. buys goods because Americans will have to pay more dollars for the things they import. In the short run, however, countries such as Germany and Japan, which now hold $27 billion as part of their national reserves, will take a beating. The value of their dollar assets is expected to shrink, perhaps by as much as 12% to 15%, as the prices of their...
...justify the surtax, the U.S. has cited GATT Article 12, which allows temporary restrictions in case of severe balance of payments deficits. But the provision permits only quotas, not surtaxes. Thus, the U.S. is relying largely on a precedent set by Britain in 1964 when it posted a 15% import surtax (later reduced to 10%) and kept it for two years...
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...