Word: tariffs
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...economic effects would be similarly far-reaching. Anti-Market Britons like Professor Nicholas Kaldor, who was an economic advisor to the Wilson government, argue that Britain needs to remain outside EEC regulations in order to reform and revitalize its economy. Pro-Marketeers argue, however, that Britain urgently needs both tariff-free access to the larger Continental market and increased competition at home to snap its industries and stodgy unions out of their lethargy...
Lacking a means of exerting financial pressure, the Nixon Administration seems to have decided to apply political pressure. In addition to Trezise's remarks, U.S. officials last week inspired newspaper stories that the Administration is considering imposing a special tariff on all Japanese products in order to offset the undervaluation of the yen (which some high officials calculate is 20% below its prospective free-market value) or stopping Export-Import Bank financing of exports to Japan. That move could cut shipments of some U.S. raw materials, such as coal and lumber, that the Japanese badly need...
Grating Noise. To officials in Tokyo, those threats seemed too draconian to be believed. A special U.S. tariff lasting until the yen was revalued enough to please Washington would amount to an unprecedented and almost unimaginable action; the U.S. would be attempting to blackjack a friendly nation into fixing a value for its money that Washington in effect would decide. Finance Minister Fukuda dismissed that talk as a zatsuon (grating noise). A Tokyo banker added that the idea of cutting U.S. shipments of raw materials to Japan was "reminiscent of the eve of Pearl Harbor, when the Roosevelt Administration placed...
Bluff and Reality. Such moves are only a recognition of reality. The Nixon Administration last week may have been indulging in inept bluffing, but the fact that so drastic an idea as a special U.S. tariff on Japanese goods could even be discussed illustrates how dangerously monetary imbalances are fanning political bitterness and protectionist sentiment round the world. The undervaluation of the yen is now by far the greatest of those imbalances. The sooner a revaluation of the yen comes, and the bigger it is, the better...
...being tried in Hamburg on charges of illegally pocketing $8,000,000 in subsidies. His 500-ton cargo ships would load up with maize flour (30% subsidy), and in mid-sea they would turn around and head for home. Their expensive cargoes were reimported as cattle feed (no tariff), and the journey would begin all over again. Other revolving traders, according to EEC tariff sheriffs, export melted butter (100% subsidy) that on the return trip miraculously becomes mayonnaise (no tariff). All that is needed for the transformation is a new set of export certificates, because inspectors often do not check...