November 1972 Home   Newsletters

December 1972

January 1973

December Calendar
Letters from the City Charter Commission (Andrew T. F. Ing & Kay Jones)
Charter Wrap Up (or at least a pause) (Dee Lum)
Letters to the Editor (Judy Blatchford & Mable Keesling)
Garbage Bag - Taxes favor virgin materials
How Does Foreign Trade Affect You?
Population Growth Report to be Televised (Gretel McLane)
Foreign Trade Page
State and Local Program 1973-74

Foreign Trade Page

(Keep for March Unit on trade)

TRADE EXPANSION ACT of 1962 - Legislation which conferred on the President broad new authority to enter into trade agreements, Its major purposes were; 1) to stimulate the economic growth of the United States and maintain and enlarge foreign markets for the products of U.S. agriculture, industry and mining, and commerce; and 2) to strengthen economic relations with foreign countries through the development of open and nondiscriminatory trading in the free world. The President's authority to negotiate tariffs under the act expired June 30, 1967.

GATT(General Agreement of Tariffs and Trade) - Multilateral agreement, originally negotiated at Geneva in 1947 among 23 countries (including the United States), for the substantial reduction of tariffs and other trade barriers. As of June 1, 1970, there were 77 member nations. Three fundamental GATT principles; 1) trade shall be nondiscriminatory, 2) protection shall be afforded domestic industries through the customs tariff, not through such commercial measures as import Quotes, and, 3) consultation shall be the major method used to solve global trade problems. Under the GATT, six rounds of intergovernmental tariff negotiations have taken place, the most recent being the Kennedy Round held at Geneva, 1964-67.

MULTI-NATIONAL CORPORATIONS - a loose term usually referring to 30% domestic national and 70% owned abroad. Problems looming in the horizon: capital Gains taxes levied abroad, standard minimum wages abroad, infringement of patent laws if produced abroad, contract and labor law regulations.

Adjustment Assistance - The Trade Expansion Act of 1962 recognizes that tariff concessions resulting in increased imports may cause serious injury to some U.S. workers and firms within a domestic industry, In such cases, "adjustment assistance" may be provided to workers and firms, or be provided to workers and firms within a domestic industry as a whole.

Workers can receive unemployment compensation, retaining, and relocation assistance, Firms can receive tax relief, technical assistance, and low-cost loans. The criteria for aid under the 1962 law, however, are limited to the effect of increased imports and have proven so rigid the recommendations have been made for their liberalization. (League testified, May 1972 for further implementation of this act)

Did you know???

That Delmonte Pine on Molokai with its plantation population could apply for adjustment assistance due to the low-cost foreign pine.

That Food Stamp users are restricted from imported meats, which most of the hamburger and low-cost cuts are among and greatly used by low-income people.

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