Word: smoots
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Dates: during 1970-1979
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Free trade is also threatened by the greatest surge of protectionism in the U.S. since the Smoot-Hawley tariff bill of 1930; last week, for example, the traditionally free-trading United Auto Workers Union announced that it was in the process of seriously reconsidering its position. Meanwhile, the growth of multinational corporations is threatened by foreigners' fears of "the American challenge" and their pique at President Nixon's unilateral actions last week...
THIS grotesque parody of the U.S. legislative process is unfortunately all too real. When Congress reconvenes this week, the first major item of business in the House will be a vote on the most restrictive piece of trade legislation since the disastrous Smoot-Hawley Tariff Act of 1930. The bill, which would raise prices by denying consumers access to many imports, is likely to pass after only perfunctory debate, and then whiz to the Senate. There the Finance Committee already has voted to attach it as a rider to a measure raising Social Security benefits. The odds are that...
...elegant Room H208 (which has become known to some congressional staffers as "the tiger cage"). As clumps of industry and labor lobbyists waited outside, the House Ways and Means Committee put on a display of protectionist logrolling that would have done credit to the authors of the Smoot-Hawley Tariff Act of 1930. What emerged was an inflationary, consumer-be-damned bill that could reverse the whole U.S.-led postwar movement toward freer trade...