Word: protectionists
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Dates: during 1970-1979
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...coming from some former free traders, notably Democratic Representative Charles Vanik of Ohio. Last week Vanik called on President Carter to limit steel imports to 18% of the U.S. market (v. present imports of around 20%). He warned that if Carter does not, Congress might legislate a wide-ranging protectionist program next year. Said Vanik: "When you consider that about one-third of the House members are isolationist to start with, and you add onto that the 40 members who are concerned about textile imports, 18 to 20 members concerned with shoe imports, another 20 whose districts are affected...
...which has about 5.8 million unemployed workers, Britain limits imports of TV sets; West Germany is seeking to set quotas on Japanese ball bearings; France bars Italian wine; and Italy in May tightened restrictions on imports of Japanese motorcycles and parts. Some economists put much of the blame on protectionist measures in Europe and the U.S. for cutting the rate of growth in world trade almost in half, from 11% in 1976 to an expected 6% this year...
...They fear it would aggravate inflation by forcing the use of more expensive U.S. ships with highly paid crews: it costs $14,300 a day to run a 90,000-ton U.S. ship, v. $9,700 for the same size Liberian-flag freighter. Further, critics say the bill is protectionist special-interest legislation, antagonistic to free trade and potentially disruptive to U.S. treaty relations with perhaps 30 other nations. But Carter is for the bill. Wooing labor support during the campaign, he said he would work to "enact and develop a national cargo policy that would assure our U.S.-flag...
...times of recession, nations inevitably turn toward protectionism as a means of shielding jobs from the threat of foreign goods. Even though the West and Japan are now recovering from the deepest economic slump since the 1930s, protectionist tendencies remain powerful. In an effort to defuse those tendencies in the U.S.-where they are strong in Congress and among the trade unions-President Carter, a committed free trader, is trying to solve trade problems one at a time. The unpleasant alternative would have been to resort to high tariff barriers that might set off a global trade war and raise...
That still leaves much to talk about. Protectionist sentiment is on the rise in the U.S. and Europe, though Carter's refusal in March to impose higher tariffs on shoe imports is seen as an effective countering force, at least in spirit. Indeed the Europeans and the Japanese are by and large encouraged by what they have seen of Carter so far. Says one top European policymaker: "I detect a world approach that is very impressive." The President hopes to revive the bogged-down Tokyo Round of tariff-cutting trade negotiations begun two years ago in Geneva. Says...