Word: protectionists
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...emphasized his sympathy for the U.S.'s unemployment problem. But he asked Americans not to blame Japan for the lack of technical innovation in certain U.S. industries, and suggested that "more constructive efforts, like encouraging Japanese industries to locate in the U.S.," would be superior to imposing protectionist measures...
...Protectionist trade barriers are clearly no answer to the industry's woes. But as the vital signs of a recovering economy at long last begin to work their way through business in the months ahead, steelmen need at all costs to avoid the sort of calamitous strike that would knock their companies flat as well as send imports leaping. Only after the industry has struggled back to profitability can it have any hope of solving its deeply rooted long-range problems. For now, at least, the challenge facing Big Steel is measured in months, not years...
While Bridgestone builds a large share of the tires on Japanese cars and trucks bound for the U.S., it has only a small fraction of the American replacement-tire market. With protectionist sentiment against imports on the rise, Bridgestone Chairman Kanichiro Ishibashi, son of the founder, decided that the surest way to boost American sales was to produce tires in the U.S. Initially, Bridgestone officials talked of building a new plant, but Firestone Chairman John Nevin, who has been streamlining his firm, persuaded the Japanese company last February to buy the tire factory at LaVergne...
...Protectionist laws can indeed give short-term relief to some targeted industries. But protectionism amounts to a subsidy that is financed by the U.S. consumer and other U.S. industries. Furthermore, Newton's third law of motion (the one about every action having an equal and opposite reaction) applies in international trade. Protectionist laws invite retaliation. The logic of protectionism is degenerative. It pitches economics toward a medieval and even tribal fragmentation...
...should encourage innovation in its industries. The dollar is overvalued, which hurts the American cause. The U.S. strategy should be to bring down foreign barriers that unfairly hinder exports. It is a delicate game. The threat of new protectionist measures by the U.S. can sometimes be used to induce other nations to drop their barriers, which are often insufferably high. Yet the enactment of those measures could be ruinous...