Word: tariffs
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Dates: during 1960-1960
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...curb the swelling imports of wool and worsted materials, notably from Italy and Japan, the U.S. laid down new tariffs last week. They will replace a complicated quota and tariff system in force since 1956, which, a tariff commission official candidly confessed, had "fouled up the wool trade from one end to another...
Under the old system, importers could bring in certain amounts of woolens under a quota and pay a tariff based on 25% of value. After the quota was filled, the tariff jumped to 45%. The result was that the U.S. manufacturers often did not know whether the woolens they had ordered would be imported under the lower or higher tariff. The new system is simpler. The Government will set no quotas, but the tariff will be higher. Importers will pay a flat rate of 37½ per lb., plus 38% of value on woolens valued at more than...
None of the supplier countries were happy about the higher tariffs. Italian textile manufacturers protested and the British, whose exports to the U.S. have been dropping (see chart), thought they were being penalized for their quality fabrics, which they contend do not compete with U.S. fabrics. U.S. textile manufacturers, in turn, feared the tariff might not be high enough to slow the influx of foreign fabrics...
...offering the electorate a republic Verwoerd promised that South Africa would be readmitted to the Commonwealth as a republic, on the same basis that Ghana and India were. He did this to assure the voters that South Africa would not lose the trade benefits it enjoys through the tariff concessions accorded to all Commonwealth countries...
...July, when the Outer Seven put into effect its first mutual 20% tariff reduction, the effect on Finnish trade was instant and disastrous. In Britain, Finland's best market, Finnish lumber and paper exporters ran into big trouble from Swedish and Norwegian competition, had to drop prices by as much as $5.60 a ton. Kekkonen, never very popular, was soon in bad political trouble. Last week Nikita Khrushchev decided the time had come to drop in and give him a hand...