IMPORTS Al SEA. ON AUGA5 RULED FREE OF SURTAX Value of Products Affected by Ruling Is Estimated at More Than $1.5‐Billion.
Treas rules that imports already in shipment to US on Aug 15 will not be subject to new 10% import surcharge; holds exemption applies to goods that have been landed but were still in bonded warehouses or foreign trade zones, and to goods tied up by West Coast dockers strike; notes payment of surcharge would have greatly reduced or wiped out importers profits since many goods were sold at fixed contract prices and that many small importers claimed they faced possible bankruptcy without exemption; estimates value of goods exempted in excess of $1.5-billion; Asst Sec Rossides says exemption will prevent harsh retroactive effects while at same time carrying out Nixon's purpose of safeguarding balance-of-payments position of US; importers say they are gratified at exemptions from import surcharge but indicate relief is less than had been sought; Amer Importers Assn says its pres, K Orban, and other officials met with Treas officials to urge 90-day exemption from surcharge; notes group also asked exemption for imported goods that had been ordered under long-term purchase contracts
