Word: tariffers
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...central bankers of the Ten shooed their aides out of the room and began talking numbers-just how many pounds, francs, marks, yen and lire a dollar should be able to buy. They did not fully agree, and they did not even begin to settle some basic controversies over tariff, farm, investment and defense policies (see box next page). But then progress on the money front vastly increased the chance that the currency crisis will end with a realistic rejiggering of exchange rates rather than a devastating trade...
...also been reluctant to approve a Soviet request for "most-favored nation" status, a move that would make tariffs on Russian products no higher than the lowest levies applied to America's other trading partners. On caviar, for example, M.F.N. status would mean a tariff of 18% instead...
...fact, free trade as an official U.S. policy is a relatively new phenomenon. One of the earliest bills considered by the U.S. Congress was a tariff act that was passed on July 4, 1789. In 1828, Congress sharply increased the rates via a law that was labeled by cotton-exporting Southerners and Western farmers a "tariff of abominations." During the post-Civil War era, tariff rates were generally kept high by Republicans. The G.O.P. policy culminated in the disastrous Smoot-Hawley Act of 1930, which set off an international trade war that deepened the world Depression. Only in 1934, when...
...Moscow, the Secretary was whisked into the Kremlin for a 31-hour meeting with Soviet Premier Aleksei Kosygin. There, and in subsequent discussions throughout the week, the Russians asked to be accorded "most favored nation" status by the U.S., a move that would give Russia the same low-tariff access to American markets that other U.S. trading partners enjoy. Kosygin also suggested that the U.S. Export-Import Bank extend Russia the same easy credit arrangements offered to other nations. American refusal to grant credit and the Soviet Union's dearth of hard currency have long limited Soviet trade with...
...problem becomes even more complex, because fundamentally the explanations and motivations conflict. You may favor economic aid as a humanitarian gesture and overlook the provisos which bind the people of the recipient nation to a life of misery. You may press for tariff reductions as a "progressive" move and not realize that only industrialized nations with high-cost manufactured goods progress in a tariff-free market economy. You may deplore the life style of South American peasants and forget the cheap price of bananas and the high dividends on your copper stock. But when you wake up, and see that...