Word: protectionists
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...Growing protectionist tendencies for finished goods in the United States and a rapidly increasing foreign debt have caused the Brazilian government to attract American firms to manufacture components for export and assembly elsewhere. The Ford Motor Company has decided to transfer its production of motors for Pinto models to Brazil in order to avoid high labor and tax costs in Britain, Alves pointed...
...year's election. U.S. officials have taken to playing on Canadian fears of congressional retaliation, possibly by a reimposition of the 7% excise tax on Canadian-made cars-although things are not likely to come to that for some time. "There are elements in this country which are protectionist by nature," Treasury Under Secretary Paul Volcker warned a group of Canadian and American businessmen last week in Washington. Canadian Trade Minister Jean-Luc Pépin complains that the U.S. is a hard nation to bargain with. As he told TIME'S Lansing Lamont: "We speak with...
...farm products. Between 1958 and 1970 the value of U.S. agricultural exports to the Six more than doubled to $1.9 billion. By contrast, the Six sent only $437 million worth of such exports to the U.S. last year. Is the U.S. or Europe in the right? Each is protectionist because each has a huge farm problem-a problem of productivity that rises faster than demand, and of consequent rural depopulation. Only 4.5% of the U.S. labor force is in agriculture, a figure that reflects massive migration to the cities. But 13% of the Six's workers are on farms...
...classic protectionist line-that imports must be restricted in order to keep foreign products turned out by low-wage labor from bumping Americans out of jobs-is still the basic emotional pitch. Protectionists, however, have also developed a more intellectual position. Its essence is that the free-trade gospel is out of touch with the competitive reality of today's world economy...
What else could be done to blunt the protectionist appeal? One essential is a quick resolution of the international monetary crisis through upward revaluation of major foreign currencies and probably a formal devaluation of the dollar. More realistic currency values would tend to lower the world price of U.S.-made goods; as a necessary part of any monetary deal, the Administration should promise unequivocally to remove the 10% import surcharge. That solution would not mollify protectionists, but it would please some of their reluctant allies who are properly concerned about the startling deterioration in the U.S. trade balance. The Administration...