Word: traded
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Dates: during 1960-1969
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...eyes centered on the Gulf of Aqaba, where the danger of an episode that could cause open warfare was greatest. Ever since Nasser closed the Suez Canal to Israeli shipping in 1956, the port of Elath has been Israel's main outlet for its growing export trade with Asia and East Africa. More important, it has become the port of entry for nearly 90% of the country's oil supplies. The Strait of Tiran, where coral reefs and the hulk of an ancient sunken ship make passage difficult under the best conditions, is easy for the Egyptians...
...free world's sixth bout of tariff reductions since World War II-and it far surpassed earlier efforts. The 1962 Dillon Round achieved 8% reductions in customs duties on $5 billion a year of global trade. Last week's accord covered eight times as much: $40 billion in annual trade in 60,000 farm and factory items. Chief U.S. Negotiator William M. Roth called the result "of tremendous world importance...
Reinforcing the Ties. For one thing, it promises to produce a big increase in world trade, just as the late President Kennedy hoped when he initiated the negotiations in 1963 as a way of reinforcing political ties between the U.S. and Europe. As some economists see it, the Kennedy Round also means the virtual demise of tariffs as an important obstacle to trade. On thousands of manufactured goods-including autos, machinery, ceramics, cameras and hats-most industrial countries agreed to slash their tariffs by the full 50% that Kennedy originally sought. As a result, the average tariff wall around...
Most of the negotiating struggle took place in the 150-year-old Italianate Villa Le Bocage on the west shore of Lake Geneva, once the home of Russian Author Leo Tolstoy and now headquarters of the General Agreement on Tariffs and Trade, the sponsoring agency of the Kennedy Round. While newsmen waited outside in a downpour (or took shelter in the stable), GATT's British director general, Eric Wyndham White, cajoled and goaded the weary negotiators, personally drafted part of the final package of concessions, in which no nation got all that it wanted. "Even the greater economic powers...
...pact. The chemical men promised a fight to prevent Congress from repealing the American Selling Price law-even though the U.S. exports chemicals worth three times its imports. The steelmakers' ire centers on the Kennedy Round's comparative failure to persuade other countries to end nontariff trade barriers, such as quotas, border taxes and import licensing. "We couldn't ship any steel into Japan if we gave it away," complains Chairman Edward J. Hanley of Allegheny Ludlum Steel Corp. "It's embargoed." Similar protectionist obstacles cover hundreds of products, from U.S. coal (barred from Britain...