Word: tariff
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Dates: during 1960-1969
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...trade bill would empower the President to slash tariffs drastically-all the way down to zero on many categories of manufactured goods-in return for tariff concessions by other countries (TIME, Feb. 2 et seq.). Because it cuts far deeper than the old reciprocal trade program that it is designed to replace, the bill was expected to stir up fierce opposition. But last week, as the House Ways and Means Committee completed its second week of hearings on the measure, the opposition seemed more plaintive than ferocious...
McCormack, also answered questions about the Alliance for Progress and the President's tariff bill, but reminded his audience that a senator does not make foreign policy. "Sometimes I wonder whether some of our candidates are running for senator or Secretary of State," he remarked...
...Swedish ski resort of Rattvik to discuss ways of becoming associated with the market without sacrificing their precious neutrality. The combined trade of the three with the market nations last year totaled $6,279,000,000, and all three fear that the market's common tariff barriers against the rest of the world will eventually freeze them out. At the same time, they fear the market's demand that members must give up national sovereignty in economic and eventually political matters; they want special terms that would preserve their national freedom of action...
Something for the Girls. The usual tariff cut amounted to 20%, though some were notably higher. In the reduction involving the biggest volume of trade, the U.S. pared the duty on foreign cars by about $21.50, while Europe lowered its tariffs against U.S. autos by $126. Though President Kennedy singled out this deal to crow about, the reduction will scarcely help Detroit because the Common Market's new auto tariff against outsiders is still a stiff 22% O. the U.S.'s 6½%), and exorbitant excise and horsepower taxes increase the European price of Ford's Comet...
President Kennedy has been fighting conspicuously for lower tariffs. But to win Southern congressional votes for his trade program as a whole, the President is reverting to unabashed protectionism for the tattered textile industry. Last week, amid howls of protest from textile-shipping Japan and Hong Kong, the U.S. Tariff Commission was considering Kennedy's call for an 8½?-per-lb. tariff on imported cotton textiles. Simultaneously, the Administration was pressing 19 textile-producing foreign nations to sign a five-year gentleman's agreement that in effect would freeze foreign exports of cotton textiles...