Word: protectionists
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...other hand, the protectionist system forces the U.S. to use up its reserves at a time when much cheaper oil is readily available abroad. Senator Hart has, perhaps extravagantly, accused the oil companies of "playing Russian roulette with national security" by supporting import restriction while drawing down the domestic supply. Ted Kennedy scoffs that the industry maintains that "our reserves will be conserved if we consume them first." In view of such attacks, Congress is likely next year to increase the import quotas...
...Japan does not voluntarily hold down its shipments soon, the U.S. will move toward mandatory import controls. Protectionist sentiment is rising in Congress. Earlier this month, Wilbur Mills introduced a bill calling for textile import quotas, and it will get massive support. If the bill passes, it could set off a round of moves and countermoves restricting free trade...
Though the nation faces serious difficulties in foreign trade, President Johnson last week again deplored protectionist sentiment in the U.S. "The only real solutions are ones that improve our economy-not ones that erect new barriers that could provoke retaliation," he told Congress. To help strengthen the U.S. dollar, he also asked for continued controls on private investment abroad. Nixon is likely to keep those controls in force...
...through high-pressure selling abroad. But Washington is unhappy over Mansholt's call for a high tax on vegetable-oil products, designed to encourage Europeans to switch from margarine to butter. The U.S. contends that the levy would violate international prohibitions against the use of domestic taxes for protectionist purposes. In any case, it would certainly threaten the U.S.'s $450 million-a-year sales of soybean products to Western Europe. The U.S.'s largest farm exports to Common Market countries come from the lowly soybean...
Increasing the Strains. For the longer run, it is also ominous that in the fight to defend their currencies, both France and Britain have turned toward protectionist trade measures. Britain, for example, has just imposed a requirement that importers of "nonessentials"-including almost all manufactured products-must deposit half the price of the goods with the government for six months. Despite such restrictions, world trade, which grew by only 5% in 1967, is expected to regain its more normal 8% annual expansion rate this year. Much of the gain will be due to the voracious U.S. appetite for foreign goods...