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He introduced an 8% import surcharge, backed by tax hikes and deep spending cuts.
In 1971, President Richard Nixon levied a 10% import surcharge and ended dollar convertibility into gold.
Nixon, who imposed an across-the-board import surcharge in 1971, was more protectionist than Mr Bush.
For instance, the courts allowed President Nixon to add a 10percentt "import surcharge" in 1971, based on the continuing "economic emergency".
A rebuilding of something like the old trust‐that once existed between Ottawa and Washington could soon arrest the deterioration in relations that has been so evident since the imposition of the American import surcharge last August.
(In 1971, for example, Richard Nixon imposed a temporary import surcharge on all imports; it led to an agreement four months later to lower the dollar's value). What's required is the political will to stand up to powerful actors like Walmart and Apple that benefit from continued currency misalignment.
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Consultation with Portugal - Import Surcharges : Basic Document for the Consultation.
Even if it didn't retaliate, it might just depreciate its currency further to compensate for the effect of the import surcharges.
These included rapid scrapping of import surcharges that had protected local industries, state spending cuts, lower public sector salaries and a decrease in wages across the board.
ii) Temporary import surcharges - Used as a local industry protection measure and in response to balance of payments deficits.
When businessmen complained about an import-duty surcharge of 8%, which was supposed to help them but instead pushed up their costs of production, he halved the surcharge.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com