Word: tariffs
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...billion in 1959 and $1.1 billion in 1958. Altogether, U.S. private investment abroad amounts to about $30 billion, 50% more than U.S. Government investment abroad. While the pace of foreign investments has been stepped up by a scramble to get into the Common Market area before the tariff walls go up, it is based more solidly on worldwide economic growth. Says Basil James, the American sales director of British Aluminium, which is 49% owned by Reynolds aluminum: "American business has become aware that the fastest-growing markets may be outside the U.S. To serve these markets we have...
...prodding. Western Europe as a whole has relaxed its barriers to U.S. exports enough to ensure that the surplus of U.S. exports over imports this year will be three times that of 1959. And across the Pacific even Japan, a nation that lives on trade but illogically maintains high tariff walls, has been gingerly softening its restrictions on U.S. imports...
Since 1952 Brookings has broadened its scope underable President Calkins, 57, onetime dean of Columbia University's School of Business. Passionately devoted to objectivity, its staffers tackle anything tariff reduction, the Federal Reserve or U.N. organization. The main product: books on any problem of "broad public interest," all of them the last word on a subject. With U.S. problems mounting, Brookings is now producing at least a dozen hefty volumes a year. In the works are books on everything from higher education to the 1960 election...
Under the old system, importers could bring in certain amounts of woolens under a quota and pay a tariff based on 25% of value. After the quota was filled, the tariff jumped to 45%. The result was that the U.S. manufacturers often did not know whether the woolens they had ordered would be imported under the lower or higher tariff. The new system is simpler. The Government will set no quotas, but the tariff will be higher. Importers will pay a flat rate of 37½ per lb., plus 38% of value on woolens valued at more than...
None of the supplier countries were happy about the higher tariffs. Italian textile manufacturers protested and the British, whose exports to the U.S. have been dropping (see chart), thought they were being penalized for their quality fabrics, which they contend do not compete with U.S. fabrics. U.S. textile manufacturers, in turn, feared the tariff might not be high enough to slow the influx of foreign fabrics...