Deal near EEC tariffs
By John Spencer
1972John SpencerCommon MarketEconomic crisis Read the scan at ETOL (PDF) →Read from the scan by machine and not corrected: headlines and words can be misread, and a caption or advert can run into the text. For anything you quote, read the scan.
A TRADE deal between the Common Market countries and the United States is likely to be agreed when the two sides meet again next Thursday, according to officials in Brussels.
The US has held up legislation to raise the official gold price until a deal is reached.
The Brussels negotiations opened after the Washington Group of Ten meeting which agreed an all-round revaluation against the dollar.
President Nixon's trade envoy. William Eberle presented a list of demands which were described as totally unacceptable by the Common Market negotiators.
They included the dismantling of the EEC's preferential irade agreements with Mediterranean countries and the scrapping of plans to extend free trade to European countries outside the Market.
Eberle's demands have since been considerably toned down, and Brussels officials say agreement is near.
The EEC has agreed to concessions on trade in citrus fruits, grain and tobacco.
There is still disagreement over the Common Market maize tariff, which the Americans want to see reIn addition, Eberle has refused French requests for some form of face-saving reciprocal trade concessions.
Even if agreement reached, however, and the Gold Bill put before Congress, the basic crisis in the world economy will remain unresolved. The dollar will not be convertible into gold, even at $38 an ounce, and the 'free market' gold price is now at record levels. • The gold price reached another new peak of $47 an ounce on London bullion markets yesterday.
It was only ten days ago that gold reached $46 for the first time since the introduction of the two-tier system in 1968.