Word: nontariff
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Dates: during 1960-1969
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...high-water mark two years ago, when the Kennedy Round of world trade negotiations produced the deepest industrial tariff cuts ever made. Since then, protectionism has been staging a global comeback and has involved the U.S. in disputes with many nations. In Europe, a host of new nontariff barriers have partly offset the cuts in duties. Special taxes on imports last year helped West Germany to record a surplus in trade with the U.S. for the first time...
...automakers are worried about Japanese inroads, not only in the U.S. market, but in such places as Australia, South Africa and South America. As a result, Detroit has been putting pressure on Washington to force open the Japanese market in two ways. U.S. automen want Japan to lower such nontariff barriers as commodity sales taxes and road-use taxes based on car size. More important, they insist that Tokyo should ease its severe restrictions against foreign investment in Japanese manufacturing firms. General Motors Chairman James Roche recently called Japan "the most notorious" of the world's industrial countries...
Trouble is, that appetite has led many U.S. businessmen to demand protection in turn. Justifiably or not, Congress this year has been deluged with bills to put import quotas or similar nontariff barriers on steel, textiles, footwear and dozens of other products. The temptation to erect trade barriers is seductive. For somehow, the U.S. must end or at least substantially reduce its persistent balance of payments deficit; otherwise the dollar may face the same pressures as the franc and the devalued pound...
...TRADE. Humphrey advocates reducing such nontariff barriers as quotas and import taxes, while protecting domestic industries against "unfair dumping" by foreign producers. Both men are fundamentally free traders, but Nixon goes along with "temporary" protection for such hard-pressed industries as steel and textile. He blames domestic inflation for the nation's shrinking trade surplus...
...Kennedy Round agreements hold, the new head of GATT and his associates will be able to start work on another major effort to liberalize world trade. They plan to tackle the area of nontariff obstacles to commerce from border taxes to sanitary regulations. Also high on GATT's agenda are measures to encourage trade between developed and underdeveloped nations by means of special concessions. Long foresees a period ahead in which the problems of poorer countries will be "of paramount importance," and his main job will be to help stop the widening prosperity...