Word: tariff
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...days after some 50 of the world's nations agreed to the biggest slash of tariff barriers in the history of world trade, France's Charles de Gaulle appeared before a crowded press conference to make the statement that, as far as he was concerned, liberalization had gone far enough. It was his intention, De Gaulle announced, to see to it that the European Common Market continued to restrict its own special trade privileges to its six original European members...
...free world's sixth bout of tariff reductions since World War II-and it far surpassed earlier efforts. The 1962 Dillon Round achieved 8% reductions in customs duties on $5 billion a year of global trade. Last week's accord covered eight times as much: $40 billion in annual trade in 60,000 farm and factory items. Chief U.S. Negotiator William M. Roth called the result "of tremendous world importance...
...promises to produce a big increase in world trade, just as the late President Kennedy hoped when he initiated the negotiations in 1963 as a way of reinforcing political ties between the U.S. and Europe. As some economists see it, the Kennedy Round also means the virtual demise of tariffs as an important obstacle to trade. On thousands of manufactured goods-including autos, machinery, ceramics, cameras and hats-most industrial countries agreed to slash their tariffs by the full 50% that Kennedy originally sought. As a result, the average tariff wall around U.S., British and Canadian imports will fall from...
...imports. If history repeats, however, inflation will erase, or middlemen will pocket, much of the savings. In any case, even on a $5,000 Italian sports car, which now carries a $325 duty in the U.S., the anticipated 1968 reduction to importers would amount to only $32.50. The full tariff cut of $162.50 will become effective only after five years...
...STEEL. To prevent steel from being dropped from the Round altogether, Britain agreed to shave its regular tariff from 11% to 8% and to trim 20% from its fixed duty of $12.60 a ton on certain steels. With that, the EEC sliced its steel levy from 9% to 5.7%, opening the way for a general world alignment of steel tariffs at around...