Word: tobaccos
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Dates: during 1960-1969
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...bargaining table. A mistake? Not at all. The wool-product rate, the U.S. reminded them, was tied to the rate for raw wool -and the U.S. agreement to slash raw-wool tariffs was contingent on wool-producing Australia's agreement to lower its customs barriers against U.S. tobacco. The tobacco deal, as it turned out, went up in smoke-and with it, the U.S. concessions on Common Market wool products...
...went. Yielding to Common Market cries about a raw deal on a number of items totaling $50 million in annual trade, the U.S. further trimmed its rates on semifinished aluminum products, tomato paste, small tobacco items and eyeglass frames, got lower tariffs for U.S.-made TV tubes in return. The Danes' dander rose over the tariff on live beef, which is an important Danish export. In retaliation, Danish negotiators tacked "reservations" onto their commitment to cut passenger-car tariffs 50%, will likely stand fast on a token 20% reduction...
...that were not enough, the company expects the just-negotiated Kennedy Round tariff cuts to squeeze its earnings further. Many U.S. chemicals have long been protected by unusually high import duties, and in order to win European agreement for freer trade in such fields as farm produce, tobacco and aluminum, U.S. negotiators agreed to hefty reductions in chemical levies. With those blows, plus a 30% loss in earnings after the Government forced the company to disgorge its 63 million-share holding of General Motors, the price of Du Pont stock has fallen almost 50% from its 1964 high...
Earlier this month, Rhodesia's 3,000 tobacco farmers, who have been the staunchest supporters of the white supremacist regime, heard their government's dictated solution. Next year's harvest must be cut by 34%, which means that some 600 of the country's farmers will either have to grow other commodities or get out of the business...
...Tobacco, the country's leading export, is not finding a market. Reason: Britain absorbed 60% of the value of crops in the pre-sanction days, but since then the leaves have had to be stashed in warehouses. Sales have plummeted to 120 million pounds, 140 million less than a year earlier, and no buyers have been found to take the surplus. Recently, the heavy-smoking French assured London that none of the tobacco would enter that country...