Word: steel
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Dates: during 1980-1989
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...stranger to controversy. In March 1983 he was promoted from Budget Minister, a junior position in the French Cabinet, to head of the Ministry for Industry and Research. His impact was immediate: he began to redirect large government subsidies away from such loss-making nationalized industries as steel, shipbuilding and coal toward new high-technology enterprises. When the government announced plans to eliminate 25,000 of the 90,000 jobs in the steel industry by 1987, ugly riots erupted in Lorraine...
...economic affairs but also over foreign issues like Mitterrand's support for NATO's plan to deploy intermediate-range missiles in Western Europe. After learning of Fabius' appointment, members of the party politburo met in emergency session at the Communists' fortress-like glass-and-steel headquarters. Despite three hours of deliberation, they were unable to agree on how to react. The indecision continued even after Party Leader Georges Marchais had hastily returned from his vaca tion on the beaches of Rumania. A Communist delegation met with Fabius to ask for guarantees that the fight against unemployment...
...International Trade Commission tossed an election-year grenade at the Reagan Administration last week. By a vote of 3 to 2, the commissioners recommended that the President impose sweeping new quotas and tariffs to protect many kinds of American steel products from foreign competition. In the case of semifinished steel, for example, the ITC suggested that a 20% tariff should be levied if imports exceed 1.5 million tons per year. Foreign shipments have captured about 26% of the American steel market. Trade experts estimate that the actions recommended by the ITC would keep imports...
...President has 60 days to decide what to do. Reagan is philosophically opposed to protectionism, but he may agree to import curbs rather than risk losing votes in big steelmaking states such as Pennsylvania and Ohio. The quotas, however, would limit the supply of steel in the U.S. and thus raise its price. That, in turn, could hurt all consumers by driving up the prices of a wide range of products...
...Full Circle, Steel...