Word: important
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Dates: during 1980-1989
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...Imported steel has now captured at least a quarter of the U.S. market. Steel companies and the United Steelworkers have lobbied for import restrictions...
Throughout his term, Reagan has let plainly political considerations influence policy. He violated free-trade principles as early as 1981, when he negotiated auto import limits with the Japanese. He supports tuition tax credits for parents of private school students (estimated five-year cost: $3 billion), an idea that appeals to Roman Catholic voters. Reagan came into office promising wholesale deregulation of business, yet his Administration has dawdled where the heavily regulated trucking industry is concerned. The International Brotherhood of Teamsters, the only major labor union to back Reagan, is strongly opposed to trucking deregulation...
...offered by GM reportedly consists of a $1 billion "job security pool" from which workers with as little as one year's seniority can draw pay in the event their jobs are eliminated. The new contract does not contain any outright constraints on GM's ability to import parts and even entire cars from abroad...
...long-awaited decision last week that left no one jumping for joy, President Reagan ruled out import quotas to shield the American steel industry from cheaper foreign steel. Instead he opted for a system of voluntary restraints on shipments to the U.S. by producers in Japan, Brazil, South Korea and elsewhere and vowed stiffer enforcement of existing Fair Trade laws. Unionized steelworkers said Reagan did not go far enough toward protecting their jobs. The steel industry, drained by $4.7 billion in losses during the past two years partly because of foreign competition, had lobbied for more protection...
...deciding against strict import quotas, Reagan turned down the recommendations of the U.S. International Trade Commission. It said in July that the domestic industry was being damaged by imports and urged a five-year program of high tariffs and quotas for such important products as sheet and strip steel, plate and wire. Reagan would have none of it. Quotas, he said, would do more harm than good to the economy and not "be in the national interest," even though they might temporarily save some jobs in steel. Voluntary restraints seemed to be the only workable...