Word: tariffs
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...mind, economic ministers of the Outer Seven needed only two days last week at the Swedish resort of Saltsjoebaden to agree on the essentials of their European Free Trade Association (TIME, July 27). Member nations hope to have the final draft by October and to announce their first common tariff reductions, to be effective next July. They made no bones about their real purpose: "To facilitate negotiations" with the bigger, booming Common Market Six (France, West Germany, Italy, Benelux) and thus head off a permanent division of European trade...
...dispute was sharp and bitter, and for a time the British, having lost, darkly muttered threats of trade-war reprisal. But as the Common Market showed every sign of flourishing, with once-reluctant French and West German industrialists delighted by the prospect of a tariff-free market of 168 million people, the stakes became too high for sniping. And the British decided that if they couldn't lick 'em, and wouldn't join 'em, they would try another tack. With the inspired doggedness that characterizes British diplomacy at its best, the British set to work...
...invidious). Recognizing, in the words of one British official, that "we simply cannot let the Common Market Six build up walls we may never be able to scale," the Outer Seven have decided to get their commerce into step with the Common Market. Thus their draft plan envisions a tariff reduction of 20% on July 1, 1960, the date on which the Common Market takes its own second 10% reduction...
While British farmers cried out in dismay, their government promised to guarantee a market for Danish bacon, blue cheese and other dairy products to offset Denmark's loss in joining the Outer Seven. This gesture will cost Britain nearly $20 million a year in tariff revenue alone...
...industrial products as well as babies, the Japanese are adopting self-restraint as a national policy. Textile exports to the U.S. and Europe are voluntarily controlled to avoid provoking tariff quotas; export licenses are refused for inferior articles in an effort to upgrade the longstanding Japanese reputation for poor workmanship and imitative design. In his effort to convince the West that Japan deserves less suspicion and more comradeship, Kishi can boast that his nation is the most democratic in Asia, has the highest literacy rate, and possesses a competent work force whose real wages have risen 20% in the past...