Word: importent
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WASHINGTON--The House passed legislation yesterday calling for major import restraints, despite President Reagan's warning that burgeoning protectionism at home will launch new trade wars overseas...
...vote came after a three-day debate on the measure, which sponsors said was needed to counter the record trade deficit last year and resulting layoffs. It calls for retaliation against unfair tactics by foreign competitors and would require import curbs for threatened industries...
President Reagan, however, remains adamantly opposed to any increased tax. Some economists believe that the levy could harm the international competitive position of U.S. companies. Says Michael Tusiani, a New York City energy consultant: "An oil-import fee would make the cost of energy more expensive for U.S. manufacturers." The problem in passing a new tax into law would be persuading the whole country to accept an additional burden that in the short run appears to help only the J.R. Ewing types. "Most Americans seem to have little sympathy or understanding for the plight of the U.S. oil industry," says...
Another backstop against an OPEC-induced shortage is the strategic petroleum reserve started in 1975 by President Ford. By the end of May, the U.S. will have filled a series of hollow salt domes in Louisiana with about 500 million bbl., enough to meet U.S. oil-import needs for 100 days. The Reagan Administration has proposed stopping short of the final goal, 120 days' worth, as a way of cutting the federal deficit. But at these oil prices, the Administration is now thinking of continuing to stock up before the discount binge ends...
...continues to go from strength to strength. In the first two months of this year, exports were up an impressive 38%, prompting some economists to talk about 9% growth for 1986. That mini-miracle has been assisted by the drop in the price of oil, a major South Korean import, and by the steady rise of the yen, which handicaps rival Japanese products...