Word: traded
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Dates: during 1960-1969
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Because of the June 30th expiration date of the Trade Expansion Act, which enables the U.S. to cut its import duties across the board, the Kennedy Round negotiators came under relentless pressure to end the marathon talks last week to allow time for the complex documents to be prepared for President Johnson's signature. Much of the delay was caused by the Common Market team, led by diminutive Jean Rey, a Belgian lawyer who heads EEC external affairs. Again and again since last fall, Rey stalled the bargaining in order to seek fresh instructions from EEC head quarters...
...layoffs in metals, electric-equipment and auto companies. The number of construction workers hired (210,000) was 40,000 less than anticipated because of inclement spring weather and delayed building projects. Up by 260,000, on the other hand, were the number of people employed in service industries, retail trade and all levels of government. In all, unemployment during the month hovered at 3.7% of the labor force, and the number of Americans at work in non-farm jobs rose 100,000 to 65,600,000 people on a seasonally adjusted basis. Such is the demand for labor that even...
...Congress in 1962 to empower the President of the U.S. to chop tariffs by 50%. Though levies on many industrial items would fall by the full 50%, the average tariff cut will amount to no more than 25% on the goods that make up the $180 billion in annual trade among non-Communist countries. Washington figures that the reductions, phased over four years starting in July, will add at least $3 billion a year to that volume but leave the total balance of U.S. imports and exports about where it stands. The effects will be felt by nearly every segment...
Five times since the end of World War II, the nations of the free world have laboriously negotiated tariff reductions, but the sum of those efforts has amounted to only a nibble at the barriers to expanding world trade and prosperity. Late last weekend, after four years of continuous and suspenseful bargaining, 53 non-Communist countries struggled to the verge of an agreement that should result in the biggest bundle of tariff cuts in history...
Much more than trade depends on the successful outcome of the Kennedy Round. Historically, it represents a last stage in undoing the damage to the world economy caused by the protectionism of the Depression in the '30s. Its failure, coming on top of Europe's new climate of economic nationalism fostered by Charles de Gaulle, could well turn the free world back toward commercial-and political-policies of suspicion and mistrust...