Word: tariff
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British entrepreneurs, however, see a like opportunity in Europe-wide marketing. One survey of 1,000 firms found 95% in favor of joining the Common Market. Big companies like British Leyland Motors and Imperial Chemical Industries Ltd. are already firmly implanted on the Continent. Even without the tariff advantages of the Common Market, some British firms have been doing very well indeed. West Germans pay a duty premium to buy Perkins industrial machinery; Schweppes is popular in the French soft-drink market...
...side to the limit, and to see what concessions can be wrung out before offering anything in return. That tactic may work at home, but Europeans do not bargain the way Texans do. Unpublished sections of a report adopted by the 55-member council of the General Agreement on Tariffs and Trade, meeting in Geneva last week, indicated the danger. The report warned that if the U.S. import surcharge is still in effect by Jan. 1 and prevents the U.S. from carrying out the final phase of tariff cuts agreed to in the Kennedy Round negotiations, GATT nations would...
...Strait jacket. The complaint is certainly valid in the case of Japan, which has sealed off its markets while flooding other countries with its wares (TIME cover, May 10). In January, when the final cuts of the Kennedy Round take effect, Japan's tariffs on industrial goods will average 11% v. the U.S.'s 8.4%. Before Washington slapped on the surcharge, Toyotas and Datsuns easily rolled over the U.S.'s 3.5% tariff on cars; by contrast, Japan not only has a 10% tariff on American cars but also hits buyers with a special 40% sales...
Nixon, however, has done little to put into effect even his own unambitious promises. The Administration has not yet proposed to Congress a preferential tariff, which was promised in 1969 and which Japan and the European Economic Community extended to Latin America this summer. Of the $1 billion pledged to the Inter-American Development Bank a year ago, Congress has appropriated only $100 million...
Free trade is also threatened by the greatest surge of protectionism in the U.S. since the Smoot-Hawley tariff bill of 1930; last week, for example, the traditionally free-trading United Auto Workers Union announced that it was in the process of seriously reconsidering its position. Meanwhile, the growth of multinational corporations is threatened by foreigners' fears of "the American challenge" and their pique at President Nixon's unilateral actions last week...