Word: tariff
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Dates: during 1950-1959
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...government will give frank preference to European companies over the dug-in U.S. firms, which now number 13 of the 14 operators in Venezuela. The presumed reason: Venezuela has become fearful of its dependence on the U.S. market, always open to pressure from the well-oiled tariff bloc in Congress, and wants to get a cut of the European market as a hedge. Preference or no preference, huge Creole Petroleum Corp., a Standard Oil Co. (N.J.) affiliate, announced a $200 million expansion program, and prepared to bid for new concessions...
Your Dec. 5 article says that the U.S. imposes an average tariff of 5.1% on imports, while the figure for Britain is 25.6%, implying that our tariff is five times as high as yours. This calculation takes the total of import duties collected and expresses it as a percentage of imports. But it also includes revenue duties, which are imposed equally on domestic and foreign products, and are therefore not protective. If you exclude these, then the figure for Britain in 1954 would be 3.5%, which makes a difference to the comparison. Tariff levels are certainly important, but surely what...
...wonder the average tariff rate on U.S. imports from Canada is low. These imports are mainly raw materials that are duty-free, or have low tariff rates because the U.S. requires them. However, the duty on Canadian manufactured goods is so high that they are prevented from competing with your domestic industries. Thus, since these goods do not become actual imports, their tariff rates do not enter your calculation...
...have never seen the basic facts of the tariff situation as it exists in the world today so lucidly set forth in so few words...
rate. The purpose is partly to conserve foreign-exchange holdings, but partly, too, to protect inefficient domestic industries whose prices are 10% to 15% higher than world levels. To keep these industries going, France charges low tariffs on raw materials it needs, but imposes duties as high as 33% to 40% on finished goods, then pushes the barriers still higher with additional special taxes and import quotas. Cars, for example, are imported under a modest 20% tariff, but with added taxes, the total bite comes to 60%. Depending on how business is doing, quotas, taxes and tariffs are raised...