Word: tariffs
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Part of the reason for the European auto boom has been the reduction of tariffs and elimination of quotas among the Common Market nations. So far, each of the Six has cut its auto tariffs against other members by at least 40%. Last week West German Economics Minister Ludwig Erhard pushed through the Bundestag another 50% slash in his country's intra-Market car tariff. This was partly revenge for Erhard. He had tried a la Kennedy to stop German automakers from raising their prices; but they refused to withdraw their increases. So down went their tariff protection...
Helpful as the tariff cutting has been. Common Market economists agree that the chief reason for the auto boom is the buoyant psychological climate which the vision of a single market of 170 million customers has created in Western Europe. To prove their point, the Common Marketeers point to Britain, which as a nonmember still must hurdle the high tariffs that the Six impose on outsiders. Despite this, British automakers have doubled their sales to the Common Market in the past six months, now sell more cars there (9,000 a month) than...
...efforts to make the fight for the Bill's passage into a new Free Trade crusade, are as out of place as Cobden's and Bright's were appropriate. They disguise a serious confusion in the Bill, between the traditional justifications of a no- or low- tariff policy, and the needs of America's economy today. This is especially true of his predictions about the Bill's probable impact on the American labor community...
...European economic unity. Racing 2½ years ahead of its original program, which calls for reduction of internal customs barriers in three easy stages until they are abolished entirely by 1970, the Common Market's Council of Ministers voted unanimously in Brussels to start its second round of tariff cutting next July 1 instead of waiting until 1965. According to the accelerated schedule, which had been tentatively agreed upon in May 1960, customs duties between the six member nations will now be pared 10% on industrial goods and 5% on a variety of agricultural products, bringing these tariffs down...
...same time, also 30 months ahead of schedule, the Council of Ministers decided to speed up adoption of uniform customs duties on goods from the rest of the world-indicating that the common tariff barrier, which will change present duties on most industrial and farm imports from the U.S.. will be in place by early 1967. Though it is one of the Kennedy Administration's top-priority goals to negotiate bilateral tariff cuts by that date, the recent U.S. decision to raise duties on imported woven carpets and window glass prompted the Common Market to take a step...