Word: imported
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Still on its timetable, the European Common Market last week cut tariffs between its six member nations another 10%. The second 10% cut since the market got going, it will be followed by a third at the end of the year. Import quotas will not be completely abolished until the end of 1961, but voluntary liberalization has already brought free flow of a big range of industrial and consumer goods. The system is working so well-trade among the Six was up 29% and trade with the rest of the world up 8% last year-that West Germany will soon...
...does not intend to levy emergency taxes on foreign companies, Chilean corporations or the Chilean rich. And foreign aid is pouring in. West Germany has offered to rebuild Valdivia; Argentina will aid Chiloé Island; Sweden will help Puerto Saavedra. The U.S. has given most of all. The Export-Import Bank of Washington has lent $10,770,000. Private citizens have donated $5,000,000, and President Eisenhower last week approved a $20 million gift as the "first step" of a broad aid program to Chile's homeless and desperate people...
Most U.S. merchants could detect no concerted shunning of Japanese goods by their customers. Big U.S. companies that import from Japan-such as Sears, Roebuck, Woolworth, Montgomery Ward-all insist that they intend to continue importing Japanese goods. Said a top executive of Boston's William Filene's Sons: "From the corporate point of view, to stop selling Japanese goods would be like closing school because a couple of kids had broken some windows...
...buying habits. Japanese goods since the war have gained wide U.S. acceptance for quality at a lower price. Guided by U.S. know-how, Japanese manufacturers have gone far to overcome the reputation for shoddiness formerly attached to the "Made in Japan" label. Says an official of Chadwick-Miller Importers Inc. of Boston: "Since the war, we find Japanese quality is excellent, considering price." Besides, points out Seiki Tozaki, president of C. Itoh & Co., a Japanese import-export firm in Manhattan, "international trade is a two-way street. If you buy from us, we will buy from you." Japan...
Nevertheless, firms that go overseas often fear U.S. public reaction, often market foreign-made products under their own U.S. labels and play down their overseas operations. Some businessmen make no secret about their foreign imports, vigorously defend the practice, argue that it can make jobs for U.S. workers rather than take them away. Says President Ray Eppert of Detroit's Burroughs Corp., which shifted its entire output of calculators from Detroit to Scotland: "As additional products are transferred abroad on a competitive basis, we will be able to produce new products here. We will import from foreign subsidiaries, thus...