Word: tariffs
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...Billions of dollars-and francs and marks and pounds-were also at stake in all the news of prospective tariff-cutting agreements between the U.S. and Europe's rapidly solidifying Common Market (see THE WORLD). Also from Washington came the substantive outline of a brand-new foreign trade program that, even more than this year's budget, could have a profound influence on U.S. economic life...
Franklin Roosevelt was in the White House and the U.S. was deep in the Depression when, in 1934, Congress passed the reciprocal Trade Agreements Act. Aimed at increasing U.S. exports, the bill authorized the President to enter into bi lateral tariff-cutting compacts with foreign nations. Since then, Congress has repeatedly extended the life of the act, and in 1958 it gave the President the power to chop tariffs, under certain conditions, by as much...
Last week, acting under the 1958 authority, the U.S. reached tentative agreement with the six-nation European Economic Community on a series of joint tariff reductions. The Common Market pledged itself to tariff concessions on U.S. agricultural exports (including cotton, soybeans, skins and hides), which last year had a value of $600 million to $700 million. On several industrial products, the cuts would be the full 20% permissible under U.S. law. On automobiles, the Europeans would lower their average common tariff from 29% to 22%, while the U.S. would decrease its auto duties from...
Many of the specific details of the President's program are still being worked out or held secret. But in its broad out lines, the plan envisions presidential power to negotiate the complete elimination of tariffs on a long list of major industrial products traded between the U.S. and the Common Market nations. These would almost certainly include electrical machinery, rubber goods, automobiles and iron and steel products. On most of these items the U.S. tariff now is lower than the European; for example, the U.S. duty on iron and steel products is 8%, while the Europeans charge...
...Most U.S. businessmen now see more opportunity than danger in freer trade. Even in industries clamoring for protection, a concern for the U.S. world position produces some moderating voices. Says Chairman Spencer Love of Burlington Industries, the nation's largest textile producer: "If we get into a tariff reduction program and it doesn't work out, that will be the time to do something about...