Word: exporters
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...Bill, the House, by an overwhelming vote of 298 to 106, tacked on an amendment prohibiting M.F.N. to any country that denies its people the right to emigrate freely. Worse from the Administration's point of view, the House passed a similar amendment that denies U.S. Government-supported export credits to countries that do not have free emigration. These moves will hit many Communist countries...
...Export Crimp. The Soviet reaction to the House action was immediate and angry. The news agency Tass called the amendments "interference in Soviet affairs" and the work of "cold war advocates," which was "at variance with detente." Certainly the amendments do threaten to impede the growth of U.S.Soviet trade. Administration officials have estimated that, by substantially reducing tariffs on such Soviet products as vodka and motorcycles, M.F.N. might increase Soviet exports to the U.S. by $10 million to $25 million a year −a considerable addition to Soviet shipments to the U.S., which in 1972 were only $95.5 million...
Forget the fact that Nixon has overseen the systematic denial of Export-Import Bank credits to countries whose domestic policies seemed unseemly to him. Ignore the convulsions in Chile induced by two years of U.S. economic poisoning. Nixon's explanation still rings false. The crisis would be here even if it weren't for the fact that the Arabs had picked up a few ungentlemanly American tricks. Even Nixon's handpicked energy czar, William Simon, says that the Arab embargo is only a convenient focal point, a catalyst that has speeded things up a bit but not changed the basic...
When Allende became president in 1970, he inherited a stagnating Chilean economy, heavily dependent on U.S. loans. Chile had begun a system of industrialization in the 1940s which encouraged self-sufficiency in consumer goods and ignored the export and agricultural sectors. The Chilean upper class did not make a sufficient investment in research and development to build industry for export, but preferred to rely on an easy internal market, protected by tariffs and an overvalued currency. The copper exports also failed to increase because U.S. companies used their profits from Chilean mines to invest elsewhere...
When Allende nationalized U.S. business, the United States adopted a hard-line policy and cut off all credit from the Agency for International Development and the Export-Import Bank (Eximbank), as well as from U.S.-controlled international organizations, the World Bank and International Development Bank. As soon as these institutions withdrew their support for the Chilean economy, private U.S. and European banks withdrew credit for the short and medium-term loans which are necessary to normal import-export transactions...