Word: tariff
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Dates: during 1960-1969
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...against 29 industrialized nations, which had been shotgunned into the meeting in the first place. At issue was how to improve the poorer nations' dwindling share of world trade. The underdeveloped bloc came up with a list of extravagant demands that would boggle even a sultan: preferential tariff treatment for their manufactured goods, abolition of all barriers against their raw material exports, high fixed commodity prices. Predictably, the wealthy nations...
...that GATT. Failure of the U.N. conference to produce a quick cure for trade deficits only strengthened the 62-nation General Agreement on Tariffs and Trade (GATT), the single permanent machinery for lowering barriers and expanding trade. GATT carries the hopes of industrial nations for freer trade, but is by no means ignoring less developed ones. In the continuing "Kennedy Round" of negotiations, GATT ministers aim for 50% across-the-board tariff cuts that would be extended to underdeveloped countries on a nonreciprocal basis...
Clash & Cameras. The fact that the U.S. and Europe are at odds seriously threatens their greatest current attempt to create still more economic interdependence: the so-called Kennedy Round tariff talks that aim to cut almost all duties in half. The Europeans at Vienna tried to disarm the U.S. delegates of their fears that General De Gaulle may scuttle those negotiations, but the chief U.S. tariff negotiator, Christian Herter, was uncharacteristically pessimistic. It became clear at Vienna that unless the U.S. and Europe can resolve their immediate conflicts, the march toward Western economic unity may be set back...
...Hull had the confidence of his old colleagues in Congress, and in 1934 he persuaded Congress to pass the Reciprocal Trade Act, allowing the President to negotiate tariff cuts with other countries without having to go to Congress for authorization...
While the Common Market is having its trouble agreeing on common tariff policy, one export seems to be welcome everywhere. For some reason, perhaps better left to psychologists and cooks, Europe is taking to a food that has long been largely an Italian preserve: pasta. Though Italians are still the heartiest eaters (66 lbs. per year), Italy's pasta exports have risen 1,400% in a decade, crossing practically all national borders. of Paolo Agnesi & Sons, Italy's oldest pasta maker and (with $10 million annual sales) one of its largest. Anticipating a 50% increase in exports this...