Word: shoes
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...most acute dilemmas. So far he has leaned to free trade. By refusing to impose a higher tariff or fixed quotas on imported footwear, he relieved many U.S. friends abroad. "A victory for us and the American consumer," exulted Niveo Friedrich, head of a Brazilian shoe manufacturers' association. Though the President's decision is likely to stick, he can be overridden by Congress, where protectionist pressures are traditionally strong. Free trade has won a round, but the outcome of the larger fight remains in doubt...
...Carter, not only do shoes pinch but sugar has soured and television sets are on the blink. Protectionists are demanding higher tariffs to help these and other American products. Since 1968 foreign shoe manufacturers have increased their share of the U.S. market from 22% to 46%; during that time, 300 American shoe factories have closed, with the grim loss of 70,000 jobs. Foreign color-TV sets-made mostly in Japan, Taiwan and Korea -accounted for 18% of U.S. sales in 1975; they surged to 42% last year. With sugar imports pushing the price down to 120 per lb., domestic...
...free trade is imperfect, however, the cost of protectionism is prohibitive. The ITC proposals would add another $1 to the store price of casual shoes made abroad; shoe retailers, who oppose a tariff raise, estimate that the annual footwear bill for American consumers would increase by $500 million. At least another $40 would be added to the cost of an imported color-TV set; the price of sugar would edge up to nearly 12½? per lb., at a cost to consumers of $110 million a year...
...protectionism encourages another nation to retaliate so that any gain is canceled out. Spain imports three times as much from the U.S. as it exports. If its shoe sales to the U.S. are seriously curtailed, it can buy elsewhere-hurting American export industries. Trade restrictions ensure the survival of the least fit: businesses that cannot compete on their own in the world economy. This kind of coddling of inefficiency leads eventually to economic stagnation. In sum, protectionism is often a matter of robbing a productive Peter to pay a nonproductive Paul...
Shoemaking, for instance, is well suited to Third World nations because it requires little capital and manpower is plentiful. South Korea and Taiwan, whose rapid economic progress has set an example for the entire underdeveloped world, are utterly dependent on the U.S. mar ket for the sale of shoes. In just nine years, Brazil has created from virtually nothing a $170 million shoe export business...