Word: protectionists
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...first annual report of President Nixon's Council on International Economic Policy. The two sets of proposals are mirror images of each other-and they add up to what could be called a trust-Nixon bill. The proposals cannot be characterized as either free trade or protectionist; they would give the President unprecedented authority to move just about as far as he chose in either direction...
...about inflation and the shortage of fuel. But he has also bowed to business pressure and restricted imports of textiles and steel. Some foreigners, at present, do not quite trust Nixon to use a new and flexible authority wisely. Early overseas reaction to the Mills proposals focused on their protectionist rather than their free-trade aspects. Italian executives, for example, warned that if Nixon invoked the protectionist devices contained in the Mills proposals, he would spur foreign retaliation that could touch off a disastrous trade...
...powerful on economic matters, were favorable; New York Republican Representative Barber Conable, a member of the Ways and Means Committee, said that the proposals could be "our magna carta of trade." More important, Nixon has been weaning AFL-CIO Chief George Meany away from the much more protectionist Burke-Hartke Bill. A Nixon-Mills-Meany alliance would be practically unstoppable...
What did Nixon get in return? For one thing, he seems to have diluted labor support for the blatantly protectionist Burke-Hartke bill. Meany pronounced "attractive" a proposed Nixon bill that would instead give the President discretionary power to raise tar iffs against nations that are thought to discriminate against U.S. goods. Also, labor leaders pledged to be "cooperative" about keeping any strikes this year to a minimum. Nixon has taken great pride in recent labor peace, and puts a high priority on keeping the now-humming economy from developing a case of 1973 strike sputters...
...strengthening of the U.S. economy, a tearing down of barriers to trade and investment around the globe, and a newly sensible monetary system in which currency values shift frequently but moderately and with little fuss. It is equally possible to envision a world of continuing U.S. deficits, protectionist fences around national economies, and monetary chaos that would strangle the international movements of money, people and goods. Money markets move so swiftly nowadays that the governments of the world's rich nations must act quickly to bring the first vision into being-or risk suffering the second by default...