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...foreign trade measure is perhaps the best and boldest of all the programs sent to Capitol Hill this year. Fashioned to meet the challenge and the opportunity posed to the U.S. by Europe's Common Market, it would extend the President's powers to negotiate bilateral tariff reductions, permit him to slash all existing tariffs by as much as 50%. More important, it would authorize the President to eliminate altogether tariffs on goods produced primarily...

Author: /time Magazine | Title: The Congress: Double Victory | 9/21/1962 | See Source »

Solitary Prosperity. Australia's Prime Minister Robert Menzies drove home the attack with the argument that loss of the tariff-free British market for their exports would mean that Commonwealth nations would have to finance Britain's Common Market membership. Said he: "Clearly part of the initial price, and perhaps the final price, is to be paid by us!" Added India's Pandit Jawaharlal Nehru: "I do not see how the Commonwealth will survive unless a radical change is made in the present proposals...

Author: /time Magazine | Title: The Commonwealth: Passage to Europe | 9/21/1962 | See Source »

...this week's conference. Thus it could offer little in the way of solid assurance to the Commonwealth nations that will be hardest hit by Britain's admission to Europe: New Zealand. Australia and Canada (in that order of vulnerability), whose economies are heavily reliant on tariff-free exports of meat, grain and dairy products to the British market, from which they may be excluded by 1970. Britain's toughest opposition came from the French, whose own farmers are already hard pressed to unload their high-cost surpluses. Even in Britain a Daily Mail national poll showed...

Author: /time Magazine | Title: World: It Will Be | 9/14/1962 | See Source »

Hoping to win the support of Southern textile makers for his tariff-melting Trade Expansion bill. President Kennedy last winter urged the Tariff Commission to put an extra tax of 8½?-a Ib. on imported cotton textiles (which are already saddled with a 14?-a-lb. tariff). But last week the Tariff Commission turned Kennedy down. By a vote of 3 to 2. the commission decided that it would be a bit absurd to establish an import tax to offset an export subsidy which had been established to offset a price support...

Author: /time Magazine | Title: Public Policy: Cotton-Pickin' Solution | 9/14/1962 | See Source »

...design autos that would sell better on the Continent. Harriman has also tailored his autos to continental tastes in less visible ways, e.g., learning that Germans like slow-revving engines, he heightened the gear ratios on the cars that he sent to Germany. Result: though B.M.C. must buck steep tariff walls so long as Britain is not a member of the Common Market, its exports to the Continent are running twice as high as they were a year ago, now exceed its sales...

Author: /time Magazine | Title: Western Europe: Making the Market | 9/14/1962 | See Source »

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