Word: protectionists
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Dates: during 1970-1979
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...visit was particularly well timed from Kosygin's point of view, since it coincided with a dramatic upsurge of Canadian resentment of the U.S. over Washington's 10% surcharge on imports. With unemployment already above 7% and likely to rise sharply, Canadians feel victimized by the protectionist policies adopted by their best trading partner...
...BECOMING PROTECTIONIST...
...Arthur Norman, chairman of the De La Rue Co. of London, commented somberly: "Over the past few years, the U.S. free-trade lobby has been very successful, generally speaking, in holding back the protectionist tide. That tide has now overtaken us temporarily-and we have to ask how long 'temporarily' will be." Belgium's Count Boël suggested: "I think the U.S. will remain faithful to a doctrine not of free trade, but of fair trade, to gain equality. We and the Americans recognize that the world has changed, that a new approach...
...Société Suisse pour I'Industrie Horlogère, a holding company of watch manufacturers, warned: "We have to assume President Nixon's good faith internationally. But we have also to add that if he does not succeed, this country will almost certainly go protectionist." Gerrit Wagner agreed: "We should take back to Europe a message that though the situation is serious, the U.S. has the best intentions. However, if it is confronted with a choice between a national and an international solution, it will opt for the national...
Nevertheless, the visitors were disturbed by the rise of protectionist sentiment. They feared that, once unleashed, protectionism could not be easily restrained, and would lead to a trade and monetary battle that might severely damage the world economy...