Word: tariff
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...horse-trading went on almost until the moment of the signing. At one point, the delegates of the six-nation Common Market team excitedly telephoned the U.S. negotiators, sputtered that printed tariff rates on some items, mostly wool products, worth $250 million in annual trade, were not so sweet as those talked about over the bargaining table. A mistake? Not at all. The wool-product rate, the U.S. reminded them, was tied to the rate for raw wool -and the U.S. agreement to slash raw-wool tariffs was contingent on wool-producing Australia's agreement to lower its customs...
With a flourish of pens and champagne glasses, delegates of 49 non-Communist nations gathered in Geneva's Palais des Nations last week to sign final agreement to the most sweeping tariff reductions in the history of international trade. The meeting climaxed four years of bargaining, sponsored by the General Agreement on Tariffs and Trade, in the oft-troubled but ultimately triumphant Kennedy Round negotiations...
...went. Yielding to Common Market cries about a raw deal on a number of items totaling $50 million in annual trade, the U.S. further trimmed its rates on semifinished aluminum products, tomato paste, small tobacco items and eyeglass frames, got lower tariffs for U.S.-made TV tubes in return. The Danes' dander rose over the tariff on live beef, which is an important Danish export. In retaliation, Danish negotiators tacked "reservations" onto their commitment to cut passenger-car tariffs 50%, will likely stand fast on a token 20% reduction...
...that were not enough, the company expects the just-negotiated Kennedy Round tariff cuts to squeeze its earnings further. Many U.S. chemicals have long been protected by unusually high import duties, and in order to win European agreement for freer trade in such fields as farm produce, tobacco and aluminum, U.S. negotiators agreed to hefty reductions in chemical levies. With those blows, plus a 30% loss in earnings after the Government forced the company to disgorge its 63 million-share holding of General Motors, the price of Du Pont stock has fallen almost 50% from its 1964 high...
...Mexican government, battling an unemployment problem in its northern states, has begun to allow individual U.S. manufacturers to import materials without paying duty-as long as the goods made from them in Mexican plants are shipped right back across the border. If the returning products meet certain U.S. tariff-law standards, the manufacturers need pay only a nominal U.S. duty on the value of the Mexican labor involved. "Our idea," says Octaviano Campos Salas, Mexican Minister of Industry and Commerce, "is to offer an alternative to Hong Kong, Japan and Puerto Rico for free enterprise...