Mutual Tariff Cuts: U.S. And Britain

Greymouth Evening Star, 24 October 1947, Page 7

Mutual Tariff Cuts: U.S. And Britain

(Recd. 12.20 p.m.) LONDON, Oct. 23

“The immediate and important results of Geneva trade agreement for other countries, as well as Britain, will be better access to the United States market and the better chance to earn dollars,” said Sir Stafford Cripps in the Houe of Commons. He added that in order to obtain reduced United States tariffs, Britain would have to bargain certain reductions in her own tariffs, and also some reduction and elimination of preferences in agreement with the Dominions.

“We have proceeded on the basis of a fair bargain on both sides,” he said. “We certainly will have gone to the limit of what is reasonable in order to obtain an agreement with the various other parties.” Britain in the draft tariff agreement with the United States, has agreed completely to eliminate imperial preferences on only 12 items and cut 225 other items by about 25 per cent, or less, says the British United Press Geneva correspondent. The United States has agreed to cut tariffs for about the same number of items. The cuts on both sides involve a number of important exports and Britain has made considerable sacrifices in negotiating the companies’ formula. It is expected that the various countries of the Commonwealth will approve the tariff agreement. Delegates'* hope to sign the agreement on October 29.