Word: tariff
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...them, "customs union" means tearing down the tariff wall along the border and erecting a uniform wall around North America. Because the U.S. has 18 times as much economic power as the Dominion, Canadians realize that it would be a U.S. wall. It would probably shut off the Dominion from 'its time-honored British sources of supply. It would kill imperial preference...
...pressed for lowering of tariffs, abolition of quantitative restrictions (i.e., fixing of how much of certain goods a nation could buy or sell), the breakup of tight little barter and preference blocs. .But the "backward" nations of Asia, Africa and Latin America insisted that, unless their fledgling industries were protected by fences, they would forever remain merely cheap sources of bananas, coffee or jute for the more highly industrialized nations. The delegates of these "backward" nations pointed out that it was only the protective tariff which had made 19th Century America so rich that it could afford to oppose protection...
...down to business. Chief items on the agenda: 1) to set up a European body to supervise Marshall Plan aid; 2) to work out a declaration of economic policy. They would try to decide just what each nation could best produce with its machines and men, how to reduce tariff barriers, how to bring the official value of national currencies into line with real purchasing power...
...Revision of our tariff schedules to favor "European democratic nations...
...Sanction a 20% overall tariff reduction on the goods of all other Latin American nations...