Word: protectionists
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Dates: during 1960-1969
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...Justice Lucien Cardin, 48, and Privy Councilor Guy Favreau, 49, who are both ailing and wanted to quit. Into the largely ceremonial privy-council post, where he can continue his study of the Canadian economy, moved former Finance Minister Walter L. Gor don, 61, who is noted for his protectionist economic philosophy...
...talks had reached an impasse over Washington's reluctance to lower tariffs on imported chemicals and European resistance to lowering duties on American farm products. Humphrey warned that if agreement was not reached by the deadline at month's end, the U.S. Congress-now in an increasingly protectionist mood-was not likely to renew the 1962 Trade Act that authorized the five-year tariff negotiations. Warned Humphrey: "It's now or never...
...Financial Times last week advocated "a policy to control American investment," something France already tries to do, but not too successfully. Carried far enough, a policy of straitjacketing American companies would not only invite reprisals but would also tend to stagnate Europe's standard of living. Protectionist moves no longer succeed in Europe as they once did. With easing tariff barriers inside Europe, American firms escape unwelcome restrictions by shifting planned plants a few miles across a border. After several U.S. companies put factories in Germany or Belgium instead of France, De Gaulle's government took down...
...undersells that of German and British mines in Europe, despite much higher U.S. wage rates, and is easily transported to seaports. Then, too, huge new deposits of high-grade ore that could be transported cheaply have been discovered in under developed countries. Result: waterside plants that are free of protectionist restrictions can buy raw materials wher ever in the world they are cheapest, thus destroying the traditional competitive advantage of a domestic supply...
Krupp's Drang nach Osten-push to the East-is partly based on new European trade patterns. The agriculturally protectionist Common Market keeps out East Europe's traditional food exports, so that the Eastern countries are forced to seek new ways of earning hard currency. They hope to do so by exporting industrial products from the new enterprises built in partnership with Krupp. Ignoring politics, Krupp has pioneered West-East deals in which it provides the technological know-how and much of the machinery to labor-rich Eastern Europe, shares both the risks and profits with Communist governments...