Word: tariff
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Dates: during 1960-1969
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...when a U.N. economist. Argentine-born Raúl Prebisch, got six Latin American nations to talking about forming a common market. That kind of thing was all right for a well-developed Europe, they said, but backward Latin nations were too accustomed to protecting national industries with high tariff walls. And since a major slice of every government's revenue came from import and export duties, they could hardly be expected to agree on mutual tariff cutbacks. But last week seven Latin nations * brought their common market to life by simultaneously cutting tariffs against one another...
Buttonholed by a CBS-TV interviewer for his views on President Kennedy's campaign for wide tariff-cutting powers to keep the U.S. in step with Europe's burgeoning Common Market, Kansas' spunky Alf M. London, 74, expressed emphatic support for the Kennedy proposals. Did he feel strongly enough to quit the Republican party if it fought freer trade? Well, blurted the 1936 G.O.P. standard-bearer who was buried by F.D.R. in the biggest political avalanche in U.S. history: "With the state of the world today, I'd be very much tempted...
...necessity to raise exports, which currently bring in a meager 4% of the U.S. gross national product, promises to spark the lustiest congressional fight of 1962; it will come over President Kennedy's bid for sweeping new powers to negotiate tariff reductions with the European nations. If the President wins his battle, U.S. businessmen will be presented with their broadest new market-and toughest new competition-since the 13 original states erased their tariffs against one another...
Buckling Down. Then Kennedy buckled right down to the issue of foreign trade: "One of those tools, one which we urgently need for our own wellbeing, is a new trade and tariff policy. The Reciprocal Trade Agreements Act expires in June of next year. It must not simply be renewed; it must be replaced. If the West is to take the initiative in the economic arena, if the United States is to keep pace with the revolutionary changes which are taking place throughout the world, if our exports are to retain and expand their position in the world market, then...
...jobs" to lower-wage foreign lands, leaders of two major U.S. unions-the Machinists and the Steelworkers-last week urged Congress to restrict corporate expansion abroad. Next day, at his press conference. President Kennedy used their plea to press his own drive for powers to negotiate sweepingly lower reciprocal tariffs. His argument: if tariff walls stay high, U.S. companies will continue to elude them by setting up branches abroad. "This," said the President, "is a matter of importance to United States workers...