Word: embargoed
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...little choice. But when the talk turned to the observation that it was time for the U.S. to "reappraise" its basic nonrecognition of Red China, the answer was flatly no (see box). For its part, said the State Department, "the U.S. contemplates no change in its policy of total embargo on trade with Communist China...
...chunk of the Red Chinese market and unwilling to agree that trade with Red China should be subject to heavier restrictions than trade with Russia. Only Turkey, of all the 15 nations comprising CHIN-COM (the voluntary committee founded during the Korean war to coordinate a selective embargo on Red China) supported the U.S. insistence that the "China differential" should be maintained. At Bermuda two months ago Prime Minister Harold Macmillan had warned Eisenhower that if the U.S. did not agree to major easements, the British government would be forced to "go it alone...
...sheltered some fancy financial shenanigans. Egypt reportedly financed arms deals through Swiss banks. Each year the Soviet Union ships about $100 million worth of gold to Switzerland, presumably to finance such undercover operations as its spying and propaganda network in the West, trade deals to get around the embargo on strategic goods. Such ousted rulers as Egypt's Farouk, ex-President Jacobo Arbenz of Guatemala and Argentina's ousted Dictator Juan Perón keep fortunes in Swiss banks all presumably pilfered from public funds. But sometimes the secrecy of Swiss banks defeats itself. Many an owner...
...response was warm. The powerful Federation of Germany Industries treated the Russians to a private reception. Said Krupp's General Manager Berthold Beitz: "I am a businessman, so what do I care about politics? Let Adenauer see to politics, and let him leave me do my job. All embargo lists should be abolished immediately...
Reluctantly, Washington was bending under the pressure. Last week the parties to the embargo-upheld by all NATO nations (except Iceland) and by Japan-were studying secret U.S. proposals to remove some peaceful items from the China embargo list. In return the U.S. wants to lengthen the list of items embargoed to Russia, tighten the "exceptions procedure" by which Britain and others have sent certain strategic goods into Russia. The U.S. would continue to have no dealings with China but would agree to China trade by its allies...