Public Policy: Trading Up

When the U.S. Senate last week passed the new foreign trade bill giving the President unprecedented power to cut tariffs (see THE NATION), the majority of U.S. businessmen cheered. The burgeoning of Europe's Common Market had left the U.S. little alternative to an all-out drive for freer trade; the U.S. must barter down

Common Market trade barriers by offering European business a relatively tariff-free shot at U.S. customers. It will take the U.S. at least two years to decide on the specific list of tariffs that it wants to cut, and probably another year or two after...

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