Word: tariff
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...multinationals, and strained relations with the Continent) were far easier to discern than the positive impact of staying in the EEC. The most persistent economic argument in favor of British membership is based on what is commonly known as the cold-shower gambit: that the stimulus of tariff-free access to the EEC's huge market (nearly 260 million consumers), combined with increased competition from European imports, will help revitalize British industry. The sheer challenge might force Britain to break out of the debilitating cycle of low productivity, low investment and high wage demands that...
...signaled American willingness to talk with developing nations about stabilizing prices for raw materials like copper, rubber and cocoa as well as oil. In a related step aimed at impressing the OPEC cartel that the U.S. is determined to conserve energy, Ford imposed a second $1-per-barrel tariff on imported oil and proposed phasing out price controls on domestic oil later this month (see ECONOMY & BUSINESS...
Ford said that effective June 1 he would double the $1-per-bbl. import tariff on crude oil that he imposed in February, and add a new 60?-per-bbl. levy on imports of refined products like gasoline and heating oil. A third $1-per-bbl. increase is yet to come. Ford pledged again to send Congress a plan for gradually decontrolling all U.S.-produced oil; about two-thirds of it is now price-fixed...
Costly Plan. The President's initiatives are no substitute for a broad, congressionally approved program that would include mandatory conservation measures. This year, for example, the tariff increases will pare imports by a mere 100,000 bbl. per day, to 6.2 million bbl., according to the Administration's own figures. Yet the cost of the plan will be substantial. White House officials acknowledge that deregulation would eventually kick up the price of gasoline, residual oil used by heavy industry, diesel fuel burned by trucks and other petroleum products by 5? to 6? per gal. The increased tariff will...
Some lawmakers are already prodding the Democratic leadership into trying to block Ford's plan shortly after Congress returns this week from its ten-day Memorial Day recess. In March, Ford vetoed a bill suspending his authority to raise import fees. So, blocking the tariff boost now would require a two-thirds majority in both House and Senate; a coalition of Republicans and oil-state Democrats could well sustain the veto. The decontrol proposal is far more vulnerable; it could be shelved by a simple majority of either house within five days after being received...