Word: protectionists
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...address, Ronald Reagan last week heralded what may be one of the major initiatives of his remaining years in office: a new assault on America's horrendous trade deficit. The President was also signaling an important change of tactics. After two years of beating back congressional efforts to pass protectionist trade legislation, the White House is about to bring forth an omnibus bill that seeks to toughen trade laws and enhance American competitiveness. The Administration initiative, which will reach Capitol Hill in late February, is part and parcel of an aggressive U.S. posture toward some of its closest economic partners...
Nonetheless, Wright pledges to call up a trade bill for House floor debate in May, and the Senate is working on a similar schedule. In the interest of getting something on the books, the Democrats, who control both chambers, are backing away from the protectionist provisions that caused Free-Trader Reagan to block previous bills...
...loss of U.S. grain markets in Spain and Portugal. Failure to meet the deadline will mean automatic 200% U.S. tariffs on a number of European products, notably wine, liquor and cheese. The problem is that the Europeans have promised to retaliate in kind, meaning that a major or minor protectionist trade war might already be in the offing...
...fresh initiatives in his fiscal 1988 budget proposal Ronald Reagan weighed in with a plan of his own: a $1 billion counseling and retraining program designed to help workers displaced from their jobs and to counter Democratic plans to capitalize on the competitiveness issue through protectionist legislation. The Worker Adjustment Assistance Program is likely to be part of a trade bill that the Administration intends to put forth as a defense against those Democrats who are pushing for new tariffs, quotas and other restrictions on "unfair" foreign competition...
...origins of the European trade dispute go back a year, to the entry of Spain and Portugal into the European Community. With that move, Spain embraced highly protectionist E.C. farm policies that included prohibitive levies of up to 200% on U.S. corn and sorghum exports. The action effectively closed those Spanish markets, worth an estimated $400 million to American farmers. Under the rules of the General Agreement on Tariffs and Trade, a 92-member treaty, Washington demanded compensatory access to overall E.C. markets for the same goods. The Europeans recognized the U.S. right to compensation, but then refused to take...