Word: tariffs
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...meat and grains from farmers at low prices, sold the commodities abroad for whatever the traffic would bear. In the famished postwar world, lAPI's profits were immense; it used the income to buy industrial machines and raw materials abroad for resale cheap to Peronista manufacturers. Industry-subsidized, tariff-protected and inefficient, but nonetheless industry-grew 63% between 1943 and 1956. Argentina began or expanded the production of chemicals, canned goods, paint, paper, machine tools, motorcycles, tires, tobacco, plastics, plywood, surgical instruments, steel furniture, motors, matches, cement, batteries, refrigerators, TV sets. At length industrial production topped farm production...
IMPORT QUOTAS are being put on woolens and worsteds by President Eisenhower, will help struggling U S. textile industry somewhat but hurt British exporters. Imports above 14 million Ibs. a year will be taxed at 30? to 37½? a Ib. plus 45% ad valorem, almost double the usual tariff. Britain alone sends about 10 million Ibs. a year worth $35 million...
...European community: France, West Germany, Italy, and the Benelux countries, have been asked to ratify, by the close of this year, two treaties which promise to remodel them into a compact industrial unit. An outgrowth of existing West European agreements, the Common Market Treaty plans to eliminate all tariff walls and erect a common rate among its signing nations. To further this common economic endeavor, a second treaty, "Euratom," will set about overhauling Europe's industrial power, replacing by 1967 present coal and oil energy with 15 million kilowatts of unclear power. While the Common Market Treaty will produce tensions...
Wyoming's Democratic Senator Joseph C. O'Mahoney, who has been sniping away for months at the foreign operations of U.S. oil firms, last week developed a new line of attack. He asked the Administration to consider imposing a tariff on oil imports, to offset "the threat to our national security" resulting from the loss of tax revenues from overseas oil operations. What Senator O'Mahoney meant in particular was the Arabian American Oil Co.'s tax arrangement with Saudi Arabia, through which Aramco last year avoided paying a penny of corporate income...
...foolish lengths to which high-tariff advocates will go to protect home industry were demonstrated last week in a case involving imported violins. The Tariff Commission sent President Eisenhower a recommendation to treble the tariff on instruments valued by the foreign manufacturer at $25 or less. The proposed new rate: 52 ½ % ad valorem and $1.87 ½ each v. the current 17 ½ % plus 62 ½ each. Fiddle-faddle, said the President, vetoing the boost. He noted that violins and violas of this type are made by only one U.S. manufacturer, Jackson-Guldan of Columbus, Ohio, which employs 30 production...