Word: tariffs
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Herdis' extraordinary expansion seems in large part to be the result of favored treatment by Philippine officials. Not only has Disini received government guarantees for his loans-totaling $160 million-but favorable tariff treatment has also permitted his cigarette-filter business to become a near monopoly...
...even these increases serve the industry's own best interests. The Administration is now engaged in setting "reference" (minimum) prices for imported steel, which has captured 20% of the American market in recent months. Any foreign metal sold below the reference prices would automatically be subject to a heavy tariff. The reference prices probably will be pegged to the cost of producing and transporting Japanese steel. The aim is to stop foreign "dumping" of steel (that is, selling of imported metal below cost) and to bring import prices close to the U.S. price level. But by some estimates the increases...
Among other things, the Japanese promised to abolish some nontariff barriers, eliminate certain export promotion measures, stockpile crude oil, liberalize foreign aid and speed up the growth rate of the Japanese economy from its present annual rate of 5.3% to 7% next year. A key provision calls for tariff reductions averaging 23% on 318 items, mostly industrial goods. For example, the 6.4% Japanese tariff on imported autos would be entirely eliminated. Tariffs on computers would be dropped from 13.5% to 10.5% and on color film from 16% to 11% -two important items. But quotas on the amount of beef that...
...Finance Committee meetings, Long voted for three of the four principal taxes the President wants imposed. But he opposes the key conservation measure?a high tariff on industrial users of gas and oil. When the issue came up in the Senate last week, Long was in vintage form, giving that he might receive. A few days before the vote, Long's chief aide ?raising the specter of financial ruin for Louisiana industry?forecast the proposal's future with a Southern lilt: "The industrial user's tax is d-a-i-d, dead." Yet when the measure came...
...Senate Finance Committee failed to agree on Carter's proposal for a tax on crude oil and rejected his plans to tax the business uses of oil and natural gas. The committee also bristled at a White House threat that Carter would use his Executive authority to impose tariffs on imported oil if Congress failed to pass his proposed seven-year $85.7 billion crude oil tax; the committee passed a provision specifically forbidding him from levying such a tariff...