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Newspaper
Sunday Dominion Post
Location
Morgantown, West Virginia, United States of America
Date
Aug 22, 1971
Page
3
Nations prepare to press Washington over the legality and necessity of Nixon's 10 percent import surcharge amid fears of overkill. diplomats say the primary aim is to repeal the measure soon while assessing its impact on dollar value and trade flows.
World markets react to the looming surtax and an uncertain U S balance of payments. Nations within the six member European Market may invoke GATT rights to resist import limits while avoiding a broader protectionist crisis. Diplomats fear a protectionist domino effect and seek time to avert a global trade disaster.
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