Word: protectionists
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Most damaging of all, Tumlir warned, the protectionist illusion puts dangerous strains on the international financial system. The industrialized countries export three times as many goods to the developing countries as they import from them...
During the 1980 presidential campaign, Reagan assured autoworkers that he would give relief from the onslaught. But the Administration is now deeply split over the question. Free traders, including Budget Director David Stockman, have argued with a protectionist-minded group headed by Transportation Secretary Drew Lewis over whether to press Japan to restrain imports "voluntarily." Attorney General William French Smith added to the confusion last week by releasing a memo arguing that any such deal would violate U.S. antitrust rules. The Cabinet last Thursday discussed a report that presented options ranging from legal limits on Japanese auto imports...
...business in need of any protectionist legislation...
...passed a cloture vote that shut off debate. When the bill passed, Jackson sent it along to the House with the warning: "It's that or nothing." Angered by what they considered to be strong-arm tactics, Udall and his supporters vowed to hold out for a more protectionist measure. But then Ronald Reagan was elected President. Udall admitted that the Senate bill was the "only legislative option." With that, the House last week passed the bill on a voice vote, reasoning that legislation more acceptable to environmental interests would never make it through a Republican Senate...
...Japan's robust glow comes not so much from genuine growth as from enormous and potentially inflationary deficit spending, which last year totaled 40% of the government's budget. The deficits were designed to lift domestic demand for Japanese products as the slowing world economy and increasing protectionist sentiments abroad began to cut into exports. In 1980 real growth is expected to slide from a current annual rate of 6.3% to 4.8%, and inflation to rise from 4.5% to at least...