Word: imported
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...Still, few businessmen had a chance to assess completely the program's impact on their own operations. An executive of Lockheed spoke bluntly for many other firms. Just before learning that the British-made Rolls-Royce engines for Lockheed's L-1011 jetliner will be subjected to the 10% import tax he exploded: "The whole goddam nation is confused over the plan, and we bow to no one in our confusion...
...make his ultimatum for foreign revaluation even clearer, Nixon also slapped the 10% surtax on imports to the U.S. The draftsmen of the President's program candidly admitted that the tax is a bargaining chip to be used in winning revaluation of strong currencies against the dollar to the full extent the U.S. deems necessary (around 12%). The tax is also designed to obtain some other concessions, including bigger subsidies from U.S. allies for the maintenance of G.I.s in NATO countries and the removal of import quotas and other nontariff barriers that hurt sales of U.S. goods abroad...
What does the program mean for U.S. business? There may well be important gains for many firms, especially in the auto industry. The President almost set up Detroit as the proving ground for his plan. The excise-tax cut will undoubtedly boost demand for new cars, and the import surtax (or the currency revaluations that it is designed to bring about) will make U.S. automakers' lowest-priced models competitive with Volkswagen and other big-selling imports for the first time in a decade. In Detroit, Ford President Lee lacocca beamed: "This makes Nixon's trip to China look like child...
Ironically, the momentary result of Nixon's announcement was to fire up foreign-car sales. Customers poured into the showrooms of Toyota, Volkswagen and other import dealers, quickly buying models that would soon become relatively more expensive. "People were still shopping at 11 o'clock at night," said suburban St. Louis Datsun Dealer Ed DeBrecht. Dealers of U.S. cars, on the other hand, were left wondering how to get rid of a huge inventory of 1,900,000 '71 model cars. With prices on the '72 models expected to be almost identical (less excise), the soon-to-be-outdated...
...IMPORT SURCHARGE. Otto Eckstein predicts that "the import surcharge will encourage a worldwide revaluation of currencies, particularly by Japan and the Common Market. Now the U.S. can really become competitive in trade, and it is the efficient companies-here and abroad-that will win." On the other hand, Robert Triffin issues a warning that: "There is a real danger that a trade war will break out. The Common Market has a deficit in trade with the U.S., and the import surcharge can only deepen...