Word: trade
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Dates: during 1950-1959
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...Have no common tariff against outsiders, thus allowing Britain, nearly half of whose trade is with other Commonwealth nations, to continue giving "imperial preference" to the agricultural products which make up nearly 90% of Commonwealth exports to Britain...
Under this idea, there might be a free market all over Europe for Volkswagens, Jaguars and Fiats, while all nations outside the nucleus of the Six kept trade barriers on many other products. Thus both schemes could dovetail...
...sidelines but for the coincidence that, just as the Common Market was being hammered into shape, two "good Europeans" took over the crucial jobs in Britain-Macmillan as Prime Minister and Peter Thorneycroft as his .Chancellor of the Exchequer. "Make no doubt of it, we are behind the Free Trade Area," said Thorneycroft...
Creation of the Free Trade Area, declared Peter Thorneycroft last week, "will make us a better ally." The U.S. State Department, though recognizing that some U.S. industry may at first suffer, is all for the two schemes-convinced that all Europe will eventually gain by them, and therefore the U.S. too will benefit...
...Macmillan's old job as Chancellor of the Exchequer. Thorneycroft comes from a family of Staffordshire ironmasters which made its fortune in the Industrial Revolution. His second wife is an Italian countess who was once fashion editor of the British Vogue. As President of the Board of Trade, Thorneycroft earned a reputation for courage and clarity, for economic liberalism and opposition to monopolies. He, like Macmillan, is eager for closer economic ties to Europe...