Word: protectionists
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Perhaps the only thing that grew faster than the $150 billion trade deficit this fall was protectionist sentiment on Capitol Hill. Last week the House of Representatives vented its anger and approved a Senate-passed bill that would reduce imports of textiles from Korea, Hong Kong and Taiwan by up to 30%. Imports of shoes would also be allowed only 60% of the U.S. market, and the President would be directed to negotiate voluntary restraints with foreign copper producers. The bill, however, is expected to be vetoed this week by President Reagan. While the bill passed easily, neither house...
...money markets for nearly five years. Next day the White House announced that it intended to get tough with countries that violated fair-trade practices, and proposed setting up a $300 million U.S. war chest to help domestic companies boost their exports. The goal was to water down the protectionist frenzy that has been taking over Congress. Last week, though, the House passed a bill that would curb textile imports from the twelve nations that are the leading suppliers by an average of 40%. The Senate is expected to begin considering a similar bill this week. Baker's measures...
...problems of debtor countries have been compounded by sluggish growth rates that cripple their ability to repay loans. The troubled nations must boost export sales to raise more money, but that has grown increasingly difficult. One hindrance has been the rise of protectionist sentiment in the industrial world. Another is the falling price of many Third World exports, ranging from coffee to copper and tin. Mexico, which depends on oil for most of its export income, has suffered a 13.5% drop in petroleum sales this year...
Such defensiveness would have seemed unlikely a few weeks ago. Not since Smoot-Hawley days had Washington witnessed such an explosion of demand to limit imports as occurred in August and early September. Fretted Sir Roy Denman, Ambassador of the European Community to Washington: "We have seen protectionist sentiment before, but never anything like this...
...refusing to bail out U.S. shoemakers, Reagan further stirred protectionist passions in Congress. The shoe industry has some powerful allies, including Senate Commerce Committee Chairman John Danforth of Missouri (home of Buster Brown shoes). Of the four-member New Hampshire delegation, only one, Senator Gordon Humphrey, supported the President. "I don't represent shoeworkers only," declared Humphrey. "I represent consumers." Humphrey is not running for re-election next year...