Word: tariffs
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...Move to Tariffs. The report of Nix Task Force, headed by Labor Secretary George P. Shultz, will probably not be made public until February. But it is believed to recommend a gradual phase-out of the quotas in their present form and their replacement with tariffs. These duties would be set so as to bring the total price of foreign oil landed in the U.S. to about $3 per bbl., or roughly 300 lower than the present domestic price of $3.30. Theoretically, domestic producers would have to lower their own prices to meet the foreign competition, and Washington could force...
...advantage of a tariff system is that it would allow the Government rather than the oil refiners to collect the difference between the price of imported and domestic oil. On the other hand, a possible disadvantage of the current plan is that it would be discriminatory: the tax would be higher for Middle Eastern oil than for Venezuelan or Canadian oil, largely because the Government does not want the U.S. to become dependent upon Middle Eastern sources of supply...
...Cost of Existence In an era when Government pronouncements are often suspect, it is refreshing when the official word comes out straight, however depressing. The federal Bureau of Labor Statistics, after studying the tariff on existence in the New York City area, reported that it now costs $11,236 a year for a family of four to maintain a "moderate" standard of living there...
...Chancellor of West Germany and onetime leader of the country's third largest political party, runs I.O.S. operations in Germany (where the company makes nearly 40% of its sales). Sweden's Count Carl Johan Bernadotte and Britain's Sir Eric Wyndham White, the former head of tariff-writing GATT, sit on I.O.S.'s board of directors. Former German Chancellor Ludwig Erhard spurned Cornfeld's overtures, and now heads a rival mutual fund, but no less a personage than German Economics Minister Karl Schiller turned up as the main speaker last month at a pep rally...
...Kennedy Round of tariff cuts stimulates huge growth in world trade...