Word: tariff
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Besides ideology, there is a matter of money. In 1958 Russia suspended $285 million in credits to Yugoslavia, whose economy is now shakier than ever. In the U.S., which has often bailed out Yugoslavia in the past, Congress threatened to eliminate tariff concessions Belgrade has long enjoyed; and the Common Market, which has attracted about 30% of Yugoslavia's foreign trade and is a prime source of hard currency, is raising higher barriers against outsiders. The Russians would like nothing better than to use Yugoslavia's trade troubles with the West as a means of splitting Belgrade completely...
Fading Fiction. What swayed the Commonwealth Prime Ministers was a blunt 50-minute speech by Harold Macmillan. Though Britain's membership in the Common Market will end special tariff concessions to Commonwealth imports, Macmillan pointed out that these are in any case a fading fiction which Britain can no longer afford; Commonwealth nations-and several have better living standards than Britain-raise ever higher tariff walls against British goods. On the other hand, argued Macmillan, as a member of the European Community, a prosperous Britain will be able to invest in less developed Commonwealth countries and help formulate worldwide...
Common Market trade barriers by offering European business a relatively tariff-free shot at U.S. customers. It will take the U.S. at least two years to decide on the specific list of tariffs that it wants to cut, and probably another year or two after that to negotiate reciprocal agreements with foreign nations involved. With luck and good management, however, the general tariff revision could provide a massive stimulus to some already prospering U.S. industries-and could prove the salvation of some that are now in trouble. Items...
TOBACCO. Nearly half the $475 million worth of tobacco that the U.S. exports each year goes to the Common Market, despite tariffs that average 160%. Since some European governments depend heavily on tobacco duties for their revenues, U.S. tobacco men do not expect any tariff reductions. But they do hope that the new trade act will enable Washington to forestall steeper Common Market barriers against U.S. tobacco. Cries Tobacco Institute President George V. Allen: "If we get frozen out of the Common Market, the adverse effect on the American to bacco industry will be tremendous...
Inevitably, a general tariff relaxation would hit some U.S. industries hard. Foreign toymakers might well double the $65 million worth of business they now do in the U.S. each year. Stripped of the 38.1% tariff advantage that they now enjoy, U.S. watchmakers would almost surely lose most of their domestic sales ($100 million a year) to European competitors. Imports of steel, hi-fi equipment, radios and whisky would spurt forward by at least $100 million each...