Word: importers
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...rounds of trade talks, the most recent one dragging on from 1973 to 1979. The negotiations brought substantial reductions in tariffs, but GATT members thought it was time for another round. Reason: too many countries have circumvented the group's rules by raising a thicket of nontariff barriers, including import quotas, product standards and other obstacles to free trade. Said Leopoldo Tettamanti, the Argentine delegate to GATT: "We are in a mess...
...global slump in oil prices. Libya's oil revenue is expected to total $5 billion this year, down from $22.6 billion in 1980. Gaddafi is forging ahead anyway, paying his bills on time and urging Libyans to make greater and greater sacrifices. "A people that eats imported food cannot be free," he says, as store shelves become increasingly bare because of import reductions ordered to help pay for the project. Special income and sales taxes have been levied on Libyans...
...persistent trade deficit has several underlying causes. While the dollar has fallen from its peak by more than 40% against the Japanese yen, it has dropped just 6% in relation to the Taiwanese New Dollar and has actually risen 3% against the South Korean won. In addition, import prices have not risen nearly as much as they were expected to. Typically, when the dollar weakens, foreign manufacturers boost prices of products sold in the U.S. because the money they receive from American consumers is worth less when converted into other currencies. So far, though, prices of imports, not including fuel...
...trade deficit. If the greenback were to fall another 15% against all currencies, Economist De Vries figured, it would slash about $50 billion from the deficit. One reason: foreign manufacturers would finally be compelled to push their prices up substantially on goods sold in the U.S. The rise in import prices would fuel a slight increase in the American inflation rate, the economists said, but not enough to outweigh the benefits of a decreased trade deficit...
Criticizing the call for import restrictions, Yamani warned that such pressures could "lead to trade wars and spell the end of free trade practices...