Word: protectionists
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Anderson got strong backing from Per Jacobsson, managing director of the International Monetary Fund, who charged that dollar restrictions are now being used as "protectionist devices" to keep down foreign competition. To Anderson's great satisfaction, Jacobsson virtually signed the death warrant for dollar discrimination by promising that the fund would act on a tougher policy "in the very near future," thus launching a major new step for a freer world trade...
Last week Japanese electronics leaders were sharply divided over how hard to push exports of finished consumer products. Ibuka, whose radio exports rose from 32,000 sets in January to 55,000 in March, intends to keep on exporting under his own label. To avoid arousing a protectionist outcry in the U.S., many Japanese manufacturers think a better way to keep on growing is to sell components to U.S. companies to assemble, thus dividing up the work and the profit...
...from Canada, which is highly unlikely to be cut off by war. If the U.S. needs a big hoard, they argued, it should import more rather than less, keep its own oil for emergencies. They called the mandatory order, which will boost the price of oil, simply a protectionist victory for the hard-lobbying Texas independent oilmen. What worried free traders everywhere was whether the quotas would open the door to new protectionism for other industries, under the guise of "national security...
After killing Britain's proposed Western European Free Trade Area (TIME, Dec. 1), the French had agreed to extend to outside nations the same 10% tariff cuts and 20% import quota increases promised to the members of the Common Market. This was as far as the protectionist-minded French intended to go. They would not grant to outsiders the Common Market provision to raise import quotas in each category to at least 3% of a nation's home production (which would allow a lot more German Volkswagens than British Hillman Minxes into France). To the British charge...
...have never seen such pressure since the days of Franklin Roosevelt"), got vital help from able Arkansas Democrat Wilbur Mills, chairman of House Ways & Means Committee. House result: 317 to 98 for the President's program, an astonishing victory. But reciprocal trade ran into trouble with the protectionist-dominated Senate Finance Committee. Senate result: a relatively weak bill, with three-year extension and 15% tariff-cut authority. Near-certain final outcome: a good bill, with House-Senate compromise of four-year extension, longer than ever before, and 20% tariff-cut authority, more than ever before...