Word: surtax
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...result of President Nixon's wage-price freeze, 10% surtax on imports and suspension of the dollar's convertibility into gold, both the domestic economy and the world monetary system remain dominated by an uncertain blend of international politicking abroad and hopeful but guarded confidence at home. Some of the week's developments: THE ECONOMY. With the first rush of excitement subsiding, businessmen and consumers began looking for signs of the impact that Nixon's new program was having on the economy. The New York Stock Exchange's Dow Jones industrial average, which had soared...
...gold. The participating nations make up the main trading partners of the International Monetary Fund, which meets in full session in Washington beginning Sept. 27. Participants will probably get some hint of an answer to the question that intrigues them most: How long will the "temporary" 10% U.S. import surtax remain in effect? Nathaniel Samuels, U.S. Deputy Under Secretary of State for Economic Affairs, is rumored to be suggesting that the surtax might not be removed until after the 1972 election. In that case, the job of monetary reform might be a long one. Few nations would be willing...
...inbound goods stranded as of Aug. 15 were declared last week exempt from the new 10% surtax on imports. They included large shipments of foreign cars and Christmas supplies of everything from toys to tree ornaments, which dealers can now sell at prefreeze prices. Even so, the main worry is about dwindling inventories. "Some of our dealers are faced with taking on a second line of products like lawnmowers or tractors," says Datsun Distributor Karl Henning. "You can't keep the store open without any beans on the shelf...
...attorneys are concerned about deceptive labeling and advertising of the water inside the bottle. To well-traveled Americans, bottled water evokes exotic, health-giving European spas. In the U.S., however, only 1% of bottled water is imported-and, of course, now subject to the 10% surtax. Only half of the bottled water sold in the U.S. comes from underground springs. The rest is tap water that has been purified and elaborately filtered. But ads for the finished product often make it sound as if it had gurgled fresh from the ground in some sylvan mountain glen. Says one FTC attorney...
Nixon is using the surtax as a lever not merely to force the U.S.'s major trading partners to float their currencies but to make sure that those currencies float substantially upward...