Word: tariff
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Doing Nothing. Ford intends to plunge ahead with his own program. He is expected to increase the tariff on foreign oil by $1 per bbl. on top of the $1 boost that he ordered last February. He also might start phasing out price controls on domestic old oil. By several reliable estimates, decontrol would add $250 a year to the average American family's energy bill. But the two measures would also stimulate oil exploration, which is lagging in the U.S., and probably reduce consumption by 1.5 million...
Compounding the political isolation that has beset Israel in recent months has been longstanding if less severe economic isolation; the Jewish state belongs to no trade bloc in which it can sell its products under low tariffs, a fact that aggravated a $3.5 billion trade deficit that last year forced a 43% devaluation of the Israeli pound. But in Brussels last week Israel achieved a significant breakout from its loneliness. The nine-nation European Economic Community signed an agreement that greatly reduces tariff barriers on sales of Israeli goods to the Common Market and assures Israel there will...
...surprise. Demands that domestic businesses be shielded against import competition always become more strident during times of spreading unemployment. The real surprise is that despite the severity of the global recession, free traders so far have held the dikes successfully against the protectionist tide; nothing resembling the tariff wars of the 1930s has occurred. Import-limiting actions, as distinct from talk, have been few and scattered. For example, Finland now requires importers to post large bonds, and the Japanese have persuaded several trading partners to limit, voluntarily and temporarily, some shipments to Japan...
...free-trade pledge, but Britain's vote, at least, is in doubt. The grim facts of recession can overwhelm the best of intentions, as Australia has already proved. After Prime Minister Gough Whitlam's Labor government took office in 1972, it fulfilled an election pledge for tariff reform by slashing levies 25% across the board. As late as last December, Whitlam was telling Europeans that "a retreat into economic isolation is no answer for us or any other nation." But even as he spoke, his government was beginning to consider re-establishing stiff import quotas and tariffs...
...consequence could conceivably be a stalemate in which Congress would block decontrol and/or a tariff boost, but be unable to produce any legislation that Ford would accept. That would probably result in a political orgy of finger pointing and leave the nation with no energy policy at all. There seems to be little public opinion push for any. A private poll that the FEA has had taken regularly for the past year or so shows that a majority of those questioned would prefer even some kind of rationing to higher energy prices. But another of the poll's findings...