Word: protectionists
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...BECOMING PROTECTIONIST...
...finally sets, the Senate would be well advised to eliminate right now the provision of the new investment credit that bans foreign-made machinery from qualifying for the tax break. That rule is supposed to be dropped when Nixon removes the 10% surtax on all imported goods. But the protectionist rule, which has the effect of adding to the price of non-American capital goods above and beyond the increases brought about by the surcharge and monetary changes, is already fiercely resented abroad and with good reason. In the past, U.S. trade officials have registered strong opposition when foreign governments...
...feel that he is "keeping the economy healthy"; 63% still react "negatively" to the way he handles the nation's economic affairs. People are obviously waiting for results. Meantime, Nixon has apparently decided to build enthusiasm by appealing to pride and self-interest, condemning sloth, pushing a rather protectionist line and proclaiming that in economics, as in other respects, the U.S. must remain first in the world...
...economic imperialism in Europe and the Far East. For the past 25 years, the U.S. has championed free trade and economic internationalism. Observed the London Daily Telegraph: "The danger of Mr. Nixon's approach to the dollar's longstanding problems is that it is self-evidently protectionist and as such invites retaliation...
Wishing Well. In London, the Daily Telegraph noted that the Nixon approach was "self-evidently protectionist and as such invites retaliation." Warned the Times: "The danger which has to be avoided at all costs is a general retreat into economic blocs divided by trade barriers and monetary restrictions." But Amsterdam's De Telegraaf praised U.S. policy: "Americans attack the cause of the illness. We Dutch should follow their example...