Word: undercuttings
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...industry has lost an estimated 145,000 jobs. The Europeans have long had a thinly veiled cartel arrangement that included voluntary quotas on steel production. But when the market went into a free-fall slump early this year, the agreement fell apart, and many companies began scrambling to undercut their competitors. Firms were often selling steel for much less than it cost to produce. Last month the Common Market threatened to impose mandatory production cutbacks in order to stop the steel free...
...affected the economy at all, it would undercut economic growth, which has permitted the promotion of Africans...
...nuclear weapons. Warned Ohio's Senator John Glenn, who led the fight against Carter on the floor: "I don't see that any of the countries that have accepted our guidelines would feel obligated to hold on to them now." The vote to help India would also undercut the Administration's campaign to persuade other exporters of nuclear wherewithal, such as France, Switzerland and West Germany, not to sell materials that might be used for weaponry...
...financial immigrants initially came to this country to serve their own large companies like Sony. Soon, however, they began lending to American firms and setting up branch offices to seek out local business. Willing to sacrifice profits to build markets, the foreign banks have regularly undercut their U.S. competitors. Gulf Oil, for example, last spring borrowed $70 million from a group headed by West Germany's Commerzbank, which shaved an estimated ¾ point off the prevailing 20% interest rate. Since 1972 the number of American offices of foreign banks has soared from...
...relationship" between the U.S. and Taiwan. Peking officials received Bush frostily and demanded clarification of Reagan's remarks. Bush tried and failed to convince them that there would be no government relations "in the diplomatic sense" with Taiwan in a Reagan Administration. Meanwhile, back in the U.S., Reagan undercut Bush by telling a reporter, "Um, I guess it's a yes," when asked if he still stood by his original Taiwan statement. As Bush left China, the official New China News Agency angrily-and with considerable hyperbole-charged that Reagan had "insulted 1 billion Chinese people...