Word: tariff
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Dates: during 1960-1969
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...other foreign companies eager to have a British toehold in the Common Market. If Britain were finally excluded from Europe, investment would continue to dwindle and Britain might be forced as a result to make drastic cuts in its living standards. Meanwhile, it may either retreat behind high tariff walls or else return to its classic ideal of free trade, possibly in association with the U.S. and European nations outside the market...
...almost nonexistent. Last week, at a meeting in El Salvador, the executive council of the Central American Common Market put into effect a curious plan to foster industrial growth. Henceforth, the five nations will select one company in each of a number of essential industries and give it exclusive tariff protection until it reaches large-scale production so efficient that it is able to take on foreign competitors on equal terms...
Named last week were the first two companies chosen for protection: GINSA, the General Tire Corp. subsidiary in Guatemala, and Nicaragua's Hercules Powder Co. insecticide plant. Both will be able to ship their products throughout the Central American market free of tariff and will enjoy the shelter of a high common tariff against competitive imports. Theoretically, there is nothing to prevent their foreign competitors from setting up plants in Central America, too, but such plants would not get the same tariff breaks. All this may well lead to rapid growth for GINSA and Hercules. But it may produce...
...fishing fleet and built a cannery. Then, in quick succession, Van Camp bought a cannery in Puerto Rico, set up two freezing plants on Africa's Atlantic coast, and established four canneries in Peru and one in Ecuador. Meanwhile, the U.S. Government helped out by increasing the tariff on Japanese tuna. The result has been a sharp turnaround for Van Camp: in the past ten years, the company has doubled its sales to $73.5 million and turned its former losses into a 1962 profit...
Starting High. Even if Britain does not join the market, the U.S. has much to gain from coming to a tariff agreement with the Six?partly because U.S. trade barriers are higher than theirs already, and reductions of the same percentage on both sides would still leave U.S. barriers higher. (Where the Six impose tariffs of 25% or more on only seven categories of goods, the U.S. does so on no.) And the Common Market nations have shown a readiness to go more than half way in meeting the U.S. This year, the Six trimmed tariffs on a wide range...