Word: tariff
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Most British businessmen complain of stock difficulties-the high cost of raw materials, the heavy taxes they bear to maintain Socialist Britain's welfare program, and that old devil, the U.S. tariff. Some Americans, among them ECAdministrator Paul Hoffman (TIME, April 11), hold that this complaint has a sound basis; they believe that by agitating for higher tariffs and trying to thwart British trade, U.S. businessmen are actually working against their own interests. They believe it is up to the U.S. to help British and other European exporters through their troubles by allotting them a larger share...
...well-fed U.S. has been eating high off the hog for years, and paying a high tariff for the privilege. Last week, retail meat prices, which had edged up during the winter decline in slaughtering, were coming down again. Pork packers were glum because of a poor Easter trade; a big New York pork plant closed last week, and hog prices sank to their lowest level ($19.50 per 100 Ibs.) since OPA's end. Because of abundant grain for feeding, this year's beef was also coming down, and was a better grade than last year...
...Removed all tariff barriers against each other...
...Voted 319 to 69 to give the President two years more to arrange additional agreements with other countries for reciprocal tariff cuts...
British planners illustrate the point this way. In any effective European federation, tariff barriers would come down. That might mean, under a free economy, that some inefficient Lancashire textile plant would close down while production would be expanded in a Lyon factory, better situated for general European trade. In a planned economy (which Britain's Socialist government considers indispensable to Western Union), the Lancashire-Lyon shift would be the subject of a formal government decision. It would come up for discussion in the kind of assembly the French want (say the British), and it would stir up nationalist resentment...