Many statements
Amid surrounding clamour and chaos, the United States Department of the Treasury stolidly chums out reams of statements explaining just what the measures mean. But so far they seem to have done little to end the speculation and rumours which are passed on as "Gospel truth, old boy.” One part of the package which has raised wry smiles in the City is that the surcharge officially applies only to goods coming in at “most favoured nation” rates. This led to the not inconsiderable anomaly that in many cases the "favoured” nations were facing rates of duty far in excess of the "statutory” rates (which apply, for instance, to imports from the Communist countries).
In what seems to have been a particularly suave volte face, the Treasury has now announced that in such cases the total duty and surcharge combined would not exceed the “statutory” rate.
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Bibliographic details
Press, Volume CXI, Issue 32701, 2 September 1971, Page 13
Word Count
147Many statements Press, Volume CXI, Issue 32701, 2 September 1971, Page 13
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