FOREIGN TRADE: Meaningless Pact

"Unfortunately the agreement does not provide a fleet of merchant vessels," said one foreign-trade expert, of the first U.S.-Argentine trade treaty in 88 years, signed last week in Buenos Aires. He put his finger on one reason why the treaty, despite its political importance, was of little significance to U.S. business. There are others.

Greatest apparent concession gained by U.S. exporters were customs reductions in 127 items imported by Argentina, i.e., fruits, tobacco, autos, refrigerators, industrial and farm machinery. But full reductions do not become effective until Argentina's customs revenue is...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!