Word: tariff
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Dates: during 1960-1969
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Perhaps the most hopeful news from Latin America last week had nothing to do with the U.S. visitors: the formation of a common market by the five Andean countries of Colombia, Ecuador, Peru, Bolivia and Chile. The five agreed to work toward the elimination of internal tariffs within an eleven-year period and the erection of a common external tariff. This Andean common market represents an improvement over the largely ineffective Latin American Free Trade Association, formed in 1960 by ten Latin American countries. In several respects, the Andean experiment is similar to the nine-year-old Central American Common...
...Japan's sustained economic prosperity, is changing that. This year Japanese car makers have confidently scheduled a 21% increase in their output, to 5,100,000 vehicles. Like most Japanese manufacturers, they enjoy a remarkable degree of government protection against foreign competition. Despite a 50% cut in tariffs this year as a result of the 1964 Kennedy Round of global tariff negotiations, imported autos still cost two or three times as much in Japan as in their country of origin. Ford's new semicompact Maverick, which sells for $1,995 in Detroit, carries a $4,167 price...
...month thousands of Stuttgart residents strolled the city's main streets, peering into shop windows that displayed jewelry, clothes and other products during an "Israeli Week." Trade between the two nations is certain to go up much farther, according to officials of both. Partly because of a 40% tariff cut on citrus, just granted by the Common Market, Germany could possibly overtake Britain as Israel's second best customer in a few years...
Still, Nixon has given in to some special interests, particularly in the area of foreign trade. In a recent press conference, he made an impassioned plea for freer trade that disappointed high-tariff protectionists. The U.S., however, has pressured Europe's Common Market and Japan to impose "voluntary" quotas on steel exports, and Nixon has made clear that he favors similar quotas for textiles. Another threat to free trade comes from home builders and lumbermen, who want the U.S. to curb timber exports to Japan. Partly because of high Japanese demand for U.S. lumber, domestic prices have risen...
...problem, from the airlines' point of view, is that a statute specifically prohibits unjust discrimination in fares. Discrimination in fare policy consists of offering "a special tariff . . . to a limited class of persons . . . under substantially similar circumstances and conditions as the service rendered to those not eligible for the tariff." In other words, age alone is not justification for offering reduced fares so long as both old and young receive the same basic service--in this case, a plane ride from one city to another...