Word: imported
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...question increasingly asked in Washington is whether the industry should continue to enjoy its privileged position with regard to income taxes and import controls...
Another target for congressional fire is the oil import-quota system, which helps keep domestic oil prices up by keeping foreign oil out. Middle Eastern oil costs about 4? a gallon compared with U.S. oil's 7?; best estimates are that the quotas oblige U.S. customers to pay $4 billion to $5 billion a year in higher oil and gasoline prices. Imposed by the Eisenhower Administration in 1959 on the grounds of "national security," the quotas limit imports of crude to 21% of domestic production...
...other hand, the protectionist system forces the U.S. to use up its reserves at a time when much cheaper oil is readily available abroad. Senator Hart has, perhaps extravagantly, accused the oil companies of "playing Russian roulette with national security" by supporting import restriction while drawing down the domestic supply. Ted Kennedy scoffs that the industry maintains that "our reserves will be conserved if we consume them first." In view of such attacks, Congress is likely next year to increase the import quotas...
...When the top U.S. diplomat in Bonn requests an appointment with Chancellor Kurt Kiesinger, it is presumably to discuss a subject of considerable import to both of their governments. Thus it raised eyebrows recently-and provoked some snickers-when American Chargé d'Affaires Russell Fessenden was kept waiting while the ambassador of a small Latin American country paid a formal courtesy call on West Germany's chief executive. There was nothing Kiesinger could do about it; by diplomatic protocol, an ambassador has automatic precedence over any lesser rank...
...Japan does not voluntarily hold down its shipments soon, the U.S. will move toward mandatory import controls. Protectionist sentiment is rising in Congress. Earlier this month, Wilbur Mills introduced a bill calling for textile import quotas, and it will get massive support. If the bill passes, it could set off a round of moves and countermoves restricting free trade...