Word: protectionists
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Dates: during 1970-1979
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Before lunch, the President has a meeting with union representatives in the Cabinet Room. Vice President Mondale is there when Carter arrives and later remains to smooth feathers after the President has left. The union men urge a more protectionist policy on Carter, particularly for the TV, textile and footwear industries, which have severe competition from foreign imports...
...chill sets in, they hunker down and try to protect themselves from their neighbors' goods. That is what happened as a result of the severe 1973-75 recession; trading barriers were partially rebuilt, and they are beginning to have a permanent look. The world could become much more protectionist, especially if the U.S. goes along with the trend...
...tariff or fixed quotas on imported footwear, he relieved many U.S. friends abroad. "A victory for us and the American consumer," exulted Niveo Friedrich, head of a Brazilian shoe manufacturers' association. Though the President's decision is likely to stick, he can be overridden by Congress, where protectionist pressures are traditionally strong. Free trade has won a round, but the outcome of the larger fight remains in doubt...
...traders will not be overjoyed either, but they have less reason for dismay. Had Carter done no more than reject the ITC recommendation, Congress would probably have overridden his decision and forced enactment of the tariff boost; it might do so anyway. The decision indicates that even under heavy protectionist fire, the President will choose, if not all-out free trade, then as much free trade as he can get away with...
...protectionist case is formidable. Since 1968, foreign shoes have increased their share of the U.S. market from 22% to 46%. During the same period, 300 domestic shoe factories have closed, wiping out 70,000 jobs. Imported color-TV sets, mostly from Japan, Taiwan and Korea, grabbed 42% of the $2 billion American market last year, a huge increase from 18% only the year before. The American sugar industry, undersold by foreign competitors, faces similar troubles...