Word: traded
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Dates: during 1960-1969
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Tacked onto the 10% tax-surcharge legislation that sailed through the Senate last week was a quiet proviso that could become the first shot in an economically devastating trade war between the U.S. and most of its close allies...
...enacted, such bills would undermine last year's Kennedy Round of tariff cuts, an achievement that came after 34 years of U.S. effort to tear down the barriers to expanding trade and prosperity in the free world. Moreover, quotas would mean U.S. repudiation of the 1947 General Agreement on Tariffs and Trade, history's first major code of fair play for international commerce. Backers of liberalized trade compare today's proposed restrictions to the 1930 Smoot-Hawley Tariff Act, which by lifting import duties to record levels prompted reprisals abroad that helped to cut U.S. exports...
...Many other industries now contributing to U.S. export earnings would also be hard hit, among them chemicals, electronic equipment and industrial machinery. The consequence, Administration leaders predict, would be higher prices, lower profits and fewer jobs at home, as well as shrinking markets for U.S. goods abroad. "To incite trade war would be a fool's game," says Treasury Secretary Henry Fowler, "since the U.S. would be bound to end up as a loser...
...hope of forestalling border taxes and surcharges, West Germany has pressured the Common Market to speed up its own Kennedy Round tariff cuts without corresponding acceleration by the U.S. Such action would bolster the inflation-shrunk U.S. trade surplus by hundreds of millions of dollars over the next 31 years. So far, France has blocked agreement inside the EEC, but Common Market ministers will tackle the question again this week in Brussels. Hard-pressed Britain has announced that it is willing to grant full Kennedy Round cuts by next Jan. 1 instead of holding to the original five-year timetable...
...moviemaking, Evans is responsible only for the production schedule, which now includes some 70 projects. Twice-divorced, Evans works an 18-hour day, rarely appears at Hollywood functions. With good reason: Paramount is probably the most backward of the major studios (it received precisely one 1967 Oscar nomination). Trade rumors have it that Evans may soon be ousted, but so far he has proved as unbudgeable as the Hollywood Hills...