Word: tariff
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Dates: during 1960-1969
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...initiative with unalloyed enthusiasm-and, at times, pushing it with so much vigor that the more discreet British are downright embarrassed. U.S. policymakers, like many in Europe, are still fearful that the Six, dominated by France and Germany, could become a "Little Europe" and then retire behind high tariff walls into a political third-force position...
...final analysis, was its merit. It is probably the best and the boldest measure presented so far to the Congress by the Kennedy Administration. If passed by the Senate (which seems highly probable), it will give the President, for the first time in U.S. history, sweeping powers to slash tariffs down as far as zero on many products in return for tariff concessions by other nations. Only a few years ago, such a bill would have seemed hopelessly visionary. But in just the past few months the European Common Market, long an ephemeral concept to most Americans, has taken shape...
Even in Latin America, however, the road to economic union is still potholed. In their own Central American common market, Guatemala, Nicaragua, El Salvador and Honduras have agreed to erase tariffs on 200 items within the past two years, aim for fully free trade with one another and a single external tariff within a decade. A scheme to grant each member a monopoly on producing certain goods has led mostly to shoddier products. Grumped one Guatemalan housewife last week: "I used to pay 35?for a can of imported soup. Now I have to pay 45? for Central American soup...
Prime movers in this proliferation of trade blocs are the underdeveloped nations, which live by exporting raw materials, and fear that the common tariff wall being built by Europe's Six will freeze their products out of traditional markets. By developing their own customs unions-each with monopolies on materials that Europe needs and consumers that Europe wants-the outsiders figure that they can deal from strength against Europe, or the U.S. As yet, however, most of the "little common markets" consist largely of ambitious names...
...autos and auto parts by arranging for each zone member to specialize in particular auto components. (In practice, U.S. and European automakers will simply make cars inside the Latin zone.) The Latin Americans have shown unexpected readiness to compromise their differences, last January agreed to 2,500 mutual tariff cuts averaging 27% each...