Word: tariff
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Dates: during 1960-1969
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...average 25%, and some (such as Rhone-Poulenc and Michelin) skyrocketed by 40% or more. Yet the French economy remains in the doldrums. Unemployment is high, industrial production is sluggish, and most French businessmen are worried about the July 1, 1968, deadline when disappearing Common Market tariff barriers will expose them to harsher competition. Reasons for the stock climb: Bourse prices simply got so low that they began to look like bargain-basement buys to investors throughout Europe; the French government intervened to inspire stock purchasing by, among other things, allowing French companies to use up to 10% of their...
...meeting got off to a fast start as the ministers churned out a steady stream of "agreements in principle" on the pace and percentages of the first tariff cuts. They even went along with Uruguay's plea that "an acute economic and financial crisis" entitles it to be classed among the "less developed" countries for the next five years, despite the fact that its people normally enjoy one of the highest standards of living in the LAFTA region. But such happy harmony was soon shattered when the three other "less developed" nations-Paraguay, Bolivia and Ecuador-demanded that their...
...Cape Horn. Indeed, one of the conference's achievements was the approval of a regional subgrouping within LAFTA that will soon open up a free-trade zone embracing 50 million people. The so-called "Andino group" of Colombia, Venezuela, Ecuador, Peru and Chile will begin planning its tariff cuts next month. As for LAFTA, its diplomats will resume talks in November. If nothing else, they discovered at Asunción just how much work there is to be done...
...system uses the American price to evaluate chemicals rather than the importing company's price. The American price is usually higher, thereby artificially raising the value of the import on which the tariff is placed. It was a defensive measure used against Germany in the First World War, and once established it never relented. Nations at the Kennedy Round were, understandably, insistent upon the abolition of this discriminatory practice. Because they did not have specific authority under the 1962 Trade Act to abolish it, the U.S. negotiators agreed tentatively to seek abolition, in return for more concessions from the Common...
These arguments are wildly exaggerated. The affected sector of the chemical industry is strong and has always thrived in international competition. Anyway, the new rates of duty in the Kennedy Round agreement provide a comfortable level of tariff protection, according to most impartial economists. And the level of protection is well above the other major chemical-producing countries. Still Congressional trade expansionists will never convince their fellow chemical protectionists, and the passage of an ASP repeal motion is questionable...