Word: traded
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Dates: during 1960-1969
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While the first batch of Kennedy Round tariff reductions was going into effect last week, a wide assortment of other trade barriers loomed as high as ever. These are nontariff gimmicks designed to impede the inflow of foreign goods. Wine-producing France, for example, puts a crimp on bourbon and Scotch imports by prohibiting all whisky advertising. In Italy, foreign automakers find it difficult to buy prime time on the state-owned television. Switzerland not only restricts imports of milk products but gives special help-including price supports and low-cost feed-to Swiss dairymen whose cows graze in remote...
...persuading the nation's NATO allies to buy more U.S. weapons or Government bonds to offset the cost of the 350,000-man U.S. garrison in Europe. The final $500 million would come from stepped-up exports, which already give the U.S. a strong (but lately shrinking) trade surplus of $4.3 billion a year...
...Eurodollar bond-yield rates climbed 1%, to 7.2%, last week). Declining tourism and tougher competition from U.S. exporters are considered likely to depress business revenues. Italy expects the U.S. controls to tip its precarious balance of payments from surplus to deficit. Japan and Britain foresee a slowdown in trade-and resulting larger payments deficits of their...
Though generally more subtle than tariffs, such practices are often equally effective in locking out the goods of other countries-and nobody knows this better than Lyndon Johnson. "Nontariff barriers," he said in his balance of payments statement last week, "pose a continued threat to the growth of world trade and to our competitive position." In particular, the President expressed concern over foreign-mostly European-nations whose tax systems give "across-the-board tax rebates on exports which leave their ports and impose special border tax charges on our goods entering their countries...
Blocking the Whortleberries. Yet tax measures are not always the most far-reaching nontariff barriers to trade. Impoverished Ghana, trying to combat its balance of payments problem as well as protect fledgling native industries, has simply ruled out import licenses for 79 products ranging from suitcases to incense. Industrialized Britain departs from its otherwise liberal trade policy by banning virtually all coal imports. In Japan, which officially restricts imports as disparate as golf balls and electric generators, the government uses friendly persuasion to get importers to cut traffic in other goods that are not formally excluded...