Word: embargoing
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...strong debate, but it caused thunderous reverberations last week through the great grain belt of the U.S. Middle West. Grain prices plunged on the commodities markets and the politically powerful farmers protested mightily that they were being ruined. Most of Carter's rivals for the presidency denounced his embargo as unfair and ineffective, and there were some predictions that these criticisms would soon be translated into opposition votes in the Iowa caucuses on Jan. 21 and in early primary elections...
...trading in grain futures for two days; never in peacetime had such a move been necessary (see box). When the market did open, grain prices fell as much as the daily limit permitted, but by the weekend they appeared to be stabilizing. Still, Carter's critics charged that the embargo would severely damage the U.S. balance of trade, and that his efforts to soften the blow would seriously increase the inflationary budget deficit...
Still, the results of the U.S. embargo are not by any means negligible. Though Soviet citizens are accustomed to deprivation, more meat is one of their basic demands, and one of the major promises that their leaders have made to them. It symbolizes, in a way, the success or failure of the system. A slight decline in Moscow's ability to feed its people will not be a cataclysm, but it will be felt by Soviet citizens...
...unofficial support. Acting on its own, the International Longshoremen's Association declared a boycott in ports from Maine to Texas on all cargo to or from the U.S.S.R., leaving Moscow with no way to obtain the 3.4 million metric tons* of U.S. corn that is exempt from Carter's embargo. The corn is part of the 6 million to 8 million tons that the U.S. had promised to sell to the U.S.S.R. each year under a long-term agreement signed by both governments in 1975; at least an additional 4 million to 6 million tons have already been delivered...
When it came to taking direct action in support of the U.S. embargo, however, many U.S. allies proved skittish. Two of the other major grain exporters?Canada and Australia?agreed not to increase their sales to the Soviets, but they would not cancel any existing contracts. The other big exporter, Argentina, refused to cooperate at all with Washington. The West Europeans are not selling grain to the Soviets, but refused to curb their sales of high technology. Said French Foreign Minister Jean François-Poncet: "We have no intention of modifying our commercial relations with the U.S.S.R." Added a German...