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...behind U.S. Steel and Bethlehem, the company lost $29 million, and there is no immediate prospect of getting out of the red. Melchett has been frustrated in efforts to cut costs, partly by the government's policy of protecting the nationalized coal mines. BSC is not allowed to import low-cost foreign coal, and purchases of foreign oil are taxed extravagantly; as a result, steel's fuel bills are excessively high. To pay them, and the costs of modernization, Melchett proposed steel price increases totaling $128 million a year...
Concealing the Problem. The complaints are understandable, but the wisdom of fighting Japanese protectionism with U.S. protectionism is open to argument. Commerce Secretary Maurice Stans has warned that continued rapid growth of Asian textile imports in the 1970s could wipe out the jobs of 600,000 U.S. textile workers, including many undereducated laborers in Southern towns. On the other hand, efficient U.S. textile companies have managed to prosper in spite of import competition. Burlington Industries, Cannon Mills and J. P. Stevens & Co. have steadily increased sales and profits...
Chances for a Deal. The Nixon Administration has committed itself so deeply to textile quotas, however, that the issue has become a test of its credibility. During his campaign, Nixon promised Southern voters that he would press for quotas, and now many businessmen believe that he owes them some import protection. The Administration has threatened to take unilateral action if it cannot persuade Japan and other trading partners to accept "voluntary" quotas. U.S. action could involve the revoking of textile-tariff concessions that have been granted in the past, or Congress could legislate quotas. Either way, a worldwide trade...
Insistent Demands. Throughout the week, Rockefeller and his advisers listened to essentially the same demands that they had heard on their two earlier swings: more U.S. aid without strings and the lifting of U.S. import restrictions on Latin American exports to the United States...
...real event of the trip was Pope Paul's carefully planned one-hour visit to the headquarters of the World Council. Presbyterian Eugene Carson Blake, general secretary of the World Council, acknowledged the historic import of the meeting in his welcome, telling the Pope that his visit "proclaims to the whole world that the ecumenical movement flows on ever wider, ever deeper toward the unity and renewal of Christ's church." For his own part, Pope Paul seemed to indicate that such unity might have to wait a while. He startled some World Council members by explicitly calling...