Word: tariff
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...CHEMICALS. Resolving the major deadlock that threatened to wreck the negotiations, delegates settled on a two-stage tariff cut. In the first step, the U.S. will cut its levies 42%, as against 25% to 30% for the Common Market. In the second stage, both sets of tariffs, with a few exceptions, would drop at least to half their present level. This phase, however, will go into effect only if Congress repeals the controversial system by which duties on organic benzenoid chemicals-notably dyes, sulfa drugs, plastics and pesticides-are based on their American selling price, which results in tariffs...
...Fair Balance." For textiles, the U.S. granted only 20% reductions, but of the 5,700 dutiable items on the nation's present tariff schedules, only 211 were excluded entirely from the negotiations (among them: petroleum, sheet glass, zinc, lead, safety pins, umbrella frames, briar pipes and baseball gloves). The Common Market kept such items as heavy commercial vehicles and computers (except for those using punch cards) out of the dickering. Jean Rey, the Belgian chief negotiator for the Common Market, called his group "extremely satisfied" with the outcome-a reaction echoed by most governments. Secretary of State Dean Rusk...
Secret Details. Negotiators reached an antidumping agreement to prevent international sales of goods below cost, but its details (like those on most specific tariff cuts) were temporarily kept secret. However disturbing-and confusing-that secrecy is to businessmen, the GATT delegates consider it essential to enable them to codify the Byzantine complexities of their agreements in time for governments to sign them by June 30, when President Johnson's authority to cut tariffs expires...
...accomplishment the Kennedy Round disappointed the world's developing countries, which contend that they must have preferential tariffs in order to escape their poverty. Under French pressure on behalf of France's former colonies, the Common Market failed to trim duties at all on tropical foods and fibers, thus stopping the U.S. from doing so. By common consent, devising more tariff help for the world's poor nations will be GATT's next order of business...
Last week the company's 150 shareholders, mostly members of the Wedgwood family, decided by a narrow margin of eight votes to offer stock to the public. Not pinched for capital, the company nevertheless is in an expansive mood. A further impetus is the Kennedy Round, which promises tariff cuts on china sold abroad. While its markets are firm, Wedgwood wants to create new ones. Says Managing Director Arthur Bryan, 44: "We can sell 75% of our output without even trying, but it's the top 25% that adds zip to our profits...