Word: protectionists
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Dates: during 1960-1969
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...Administration is also asking for a "clear statement of congressional intent" on eliminating domestic protectionist devices, notably the 1933 "Buy American" legislation, which prevents the Federal Government from purchasing foreign goods unless the price is more than 6% below that of comparable U.S. products. Repealing the law would help the Administration to press foreign countries to end equally ingenious barriers to trade, including European border taxes, health regulations and artificial technical restrictions...
...President offered no proposals intended to help the import-troubled U.S. textile industry. The omission was tactical. U.S. and Japanese negotiators are dickering in Geneva over voluntary quotas for Japanese mills. The U.S. has made it plain to Tokyo that a protectionist-minded Congress might well adopt even harsher measures unless Japan agrees to limit its textile exports...
...over trade is moving to the point of showdown. The issue will be debated at a joint meeting of the U.S. and Japanese cabinet members in Tokyo this month, and again when Prime Minister Eisaku Sato meets President Nixon in Washington in November. The expanding argument centers on the protectionist policies of both countries, but the U.S. has brought the trouble to a head by pressing for quotas on textile imports...
...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...
...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...