Word: tariffers
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...more than $9 billion over the next three years (1994 purchases totalled $19 billion). In addition,200 new American car dealerships will open in Japan next year, and 1,000 in all over the next five years.In return, the U.S. agrees not to impose its threatened 100 percent tariff on Japanese luxury cars...
...Chinese, who ran a nearly $30 billion surplus in commerce with the U.S. last year, would seem to have at least as big a stake in limiting the damage. They could win a tariff reprieve simply by closing down some of the factories in southern China that are flooding Asian markets with pirated videos and music...
Washington hopes to keep the copyright dispute contained, but the opening salvo two weeks ago sounded serious. Because Beijing refused to crack down on pirate manufacturers, the U.S. imposed a 100% tariff on $1 billion worth of Chinese goods. Beijing retaliated with punitive tariffs of its own on U.S. consumer products. It looked as if the thrust and parry might lead to a full- scale duel. But the two sides announced that the tariff increases would not go into effect until Feb. 26. This week they will try to head them off altogether by reopening negotiations...
...trying to pull together a $40 billion loan-guarantee package for the battered neighbor. The scare that had afflicted financial markets in the wake of Mexico's debilitating Dec. 20 devaluation of the peso was developing into something more serious: a general skittishness about markets in countries embracing tariff cutting, deregulation and the sale of state-owned assets on the road to modernization. The new, skeptical mood was in fact spreading beyond the Third World to affect countries like Spain, Italy and Sweden, which have seen their currencies come under heavy pressure since the Mexican crisis broke...
While the political stakes of the devaluation are enormous for Zedillo, they loom large as well for Bill Clinton. Little more than a year ago, the Administration sold NAFTA to Congress by arguing, among other things, that locking in low tariffs would boost the American trade surplus by making U.S. products cheaper in Mexico. Thanks to the peso's plummet, American-made goods could now be as much as 50% more expensive for Mexican consumers. Products from herbal shampoos to frozen desserts sold south of the border will be hard hit. "The peso has been devalued," says Texas...