Word: protectionists
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Nations that have faced a dollar invasion from America since World War II are watching the new U.S. uneasiness with interest. Most of them have long since adopted firm, sometimes perniciously protectionist legislation. Generally their governments have near-total discretion to veto foreign investments. The Bank of England, for instance, can simply refuse an unwanted alien investor the right to obtain British currency. France requires official authorization for all investments above 1 million francs ($222,000). The only major Western nation with virtually no controls is West Germany. Even after the recent Arab purchase by Kuwaiti interests...
...months. That may be an overstatement, but Japanese businessmen and politicians now predict that the trade surplus with the U.S. this year will drop to less than $2.5 billion, from $4.2 billion in 1972. Deliberate government policies to restrain exports and dismantle Japan's once awesome array of protectionist restrictions on foreign goods are obviously having an effect. So, too, is the sharp rise in the value of the yen against the dollar since late 1971, which has made Japanese goods more expensive for Americans and U.S. products cheaper for Japanese...
...firms in no fewer than 704 separate industries, including everything from automobile manufacture to fruit-juice production cannot be more than 50% owned by non-Japanese. Last week the Foreign Investment Council, a key board of private businessmen and economists that advises the government, recommended cracking open this protectionist wall. The Tokyo government is expected to approve, and shortly after, with a few notable exceptions, foreign investors should be able to own as big a share of Japanese business as they wish...
Nixon argues persuasively that he needs the new power in order to negotiate from strength at world-trade talks beginning in September. He will get an argument from protectionist Congressmen who want to require, rather than merely permit, higher tariffs or quotas on imports that threaten the prosperity of U.S. industries. The President prudently proposed to give Congress a veto over the way he might exercise many of the new trade powers that he is requesting. In a typical example, if he decided to grant "most-favored-nation" tariff status to imports from the Soviet Union, either House or Senate...
Fear of new U.S. barriers against imports has prompted some foreigners to buy their own share of American business. "Sooner or later we would have run into protectionist action," says Masao Sawano, general affairs director of Japan's Toyo Bearing Manufacturing Co. Ltd., which recently opened a $1,000,000 ball-bearing plant in Chicago. But the major attraction is the size and vigorous expansion of the U.S. economy. And now that the dollar has been devalued twice since late 1971, foreigners can build new U.S. factories more cheaply than before...