Word: tariffs
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...Thus far, the feeling has been most clearly evident on Capitol Hill, where an influential coterie of Senators led by Minority Leader Everett M. Dirksen and Majority Whip Russell Long are pressing for the tightest protection of U.S. goods since the bad old days of the 1930 Smoot-Hawley tariff.* If the protectionist Senators-dubbed "the coalition of retreat" by Hubert Humphrey-were to succeed, they would impose strict quotas on more than 75% of dutiable U.S. imports...
...lidded, hard-shelled and heartburned. Little about the party leaders suggested that they were capable of standing up to the slogan emblazoned on the rostrum: PUT BRITAIN BACK ON HER FEET. Speaker after speaker proclaimed the merits or decried the perils of 14 tired resolutions (including calls for higher tariff barriers, negotiations with Rhodesia and "the protection of our interests overseas"), all of which were duly adopted by 4,500 Tory delegates...
Five months ago, after the U.S. and 52 other nations concluded the Kennedy Round and agreed on wide-ranging tariff cuts, the pact was hailed as a historic step forward in world trade. Yet last week the U.S. verged on a backward march. Pending in the Senate were seven bills-the central one pompously called "the Orderly Trade Act of 1967"-that would establish stricter quotas on imports ranging from steel to strawberries, from textiles to goat meat. If enacted, the bills would set limits on $12 billion worth, or 50%, of total U.S. imports. Liberalized-trade advocates compared...
Vortex of Battle. The Senate is the vortex of the trade battle because it must ratify agreements on grains and chemicals before the Kennedy Round tariff cuts can be implemented. Aware of this, a high-tariff bloc, concerned over competition from rising imports, got congressional attention first with measures designed to bypass the Round's tariff cuts, averaging 35%, with a system of stricter quotas on goods allowed into...
...average 25%, and some (such as Rhone-Poulenc and Michelin) skyrocketed by 40% or more. Yet the French economy remains in the doldrums. Unemployment is high, industrial production is sluggish, and most French businessmen are worried about the July 1, 1968, deadline when disappearing Common Market tariff barriers will expose them to harsher competition. Reasons for the stock climb: Bourse prices simply got so low that they began to look like bargain-basement buys to investors throughout Europe; the French government intervened to inspire stock purchasing by, among other things, allowing French companies to use up to 10% of their...