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CATERPILLAR APPLAUDS ECONOMIC SUMMIT AGREEMENT TO END TARIFFS ON CONSTRUCTION EQUIPMENT

 PEORIA, Ill., July 7 /PRNewswire/ -- Tariffs on most Caterpillar (NYSE: CAT) products would be eliminated under an agreement reached last night by the heads of state at the Tokyo Summit.
 "For Caterpillar, the zero tariff agreement is a home run. In fact, it's a grand slam! Tariffs in developed countries cost Cat customers about $100 million annually," said Caterpillar Chairman and CEO Don Fites.
 "President Clinton and his team played hardball and won. Most other countries impose tariffs that are generally much larger than American tariffs. For example, EC duties on our products going into Europe range from 4 to 11 percent, while the U.S. duty is only 2.5 percent. This agreement will improve the competitiveness of our U.S.-produced products in overseas markets," Fites said.
 "As we see it, there will be two big winners resulting from zero tariffs on construction equipment. The first will be our customers, who will gain increased access to American exports. And the second, our employees, who will no longer be penalized by government-imposed tariffs on the products they produce," Fites added.
 -0- 7/7/93
 /CONTACT: Bill Lane, Governmental Affairs of Caterpillar Inc., 309-675-5813/
 (CAT)


CO: Caterpillar Inc. ST: Illinois IN: MAC SU:

LD-MG -- NY064 -- 9198 07/07/93 16:37 EDT
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Publication:PR Newswire
Date:Jul 7, 1993
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