Word: exporters
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...Chicago, farm leaders argued against any move to reduce food prices in the U.S. by means of stiffening export regulations so that more farm goods would be kept at home. Business leaders at two minisummits in Pittsburgh and Detroit insisted on their right to raise prices and asked for greater depreciation allowances to increase production. Ford Motor Co. Chairman Henry Ford II proposed at least a five-year moratorium on most Government orders to install new safe ty and antipollution equipment in cars...
...relatively limited economic clout against the oil-producing nations, as Ford well knows. The oil countries depend on the U.S. for wheat, corn and tobacco generally, but they could get these from alternate sources. They do buy American petroleum-industry equipment, but for the U.S. to embargo such exports would be self-defeating. If the U.S. held back on sales of armaments or commercial aircraft, two major export items, the Arabs could easily find substitutes elsewhere, albeit of lower quality in many cases. The most compelling U.S. argument is actually an appeal to Arab self-interest: a worldwide depression caused...
Second, the export-import credits were cut off after Chile defaulted on the loans that it had already had, and the bilateral aid was affected by the Hickenlooper amendment...
Lack of Unity. To commodity-exporting nations, many of them underdeveloped, the price break has a far different significance. For Chile, a penny-a-pound decline in the price of copper means the loss of $11 million in potential export earnings; Zambia loses even more. The producer nations are now planning cartels, modeled after the Organization of the Petroleum Exporting Countries, to set and enforce minimum prices. Chile, Peru, Zaire and Zambia have tried to organize a copper cartel, and seven nations, including Australia, Guinea, Jamaica and Yugoslavia, recently formed the International Bauxite Association to prop up prices for that...
Earnings Needed. The Ford Administration has one option that could ease the price crunch in the U.S: export controls that would in effect ration the amount of U.S. food made available to an increasingly hungry world. No proposal for such controls has yet been made to the President, but some Administration officials favor them. Secretary of Agriculture Earl Butz is opposed; he argues persuasively that controls would sabotage world trade by undermining confidence in the willingness of the U.S. to fulfill its agreements, and that the nation sorely needs large export earnings from farm goods to pay for imports...