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AGRICULTURAL TARIFFS. Britain wants several years to adjust from the import of lower-priced U.S. and Commonwealth foodstuffs to the Common Market's high-priced produce, which is protected by tariffs. The switch will mean a rise of as much as 28% in British food costs. The Six agreed to a timetable that allows Britain five crop years after entry to make the change. As a result, price markups on foodstuffs in Britain will come gradually, and the full impact on the British cost of living will not be felt until the late 1970s. The Benelux representatives, whose farmers...
...guilder had risen 2.2%, to 28.2?. Two other currencies were formally revalued: the Swiss franc went up 7%, to 24.46?, and the Austrian schilling 5%, to 4.04?. Belgium adopted a perplexing two-price system for its franc, maintaining the old value of 2.01? on export-import dealings and letting the rate float on investment and loan transactions; at week's end the free rate had risen to 2.04?. Since all five currencies are now worth more in U.S. money, the moves added up to a partial, back-door devaluation of the dollar...
...flatware. Many businessmen want the Government to go much further. Last year protectionists raced through the House a bill authorizing quotas on any foreign product that won as much as 15% of a U.S. market. The chief target: Japan. The bill died in a Senate adjournment rush, but the import debate has resurfaced this year in a way that could poison U.S.-Japanese political relations...
GARLAN MORSE: I don't think the nontariff barriers-import quotas, discriminatory taxes and the like-are understood by the public or by industry or even by Government. But these barriers are so important that just to renegotiate the tariff scales back and forth to bring some equilibrium does not solve the problem...
KENDALL: Through its import quotas and other barriers, Japan now maintains import restrictions on 80 items that are in violation of the General Agreement on Tariffs and Trade. Under the GATT arrangement, we can project what these violations cost our industries in total dollars and then stop an equivalent amount of Japanese goods at our own borders...