Word: steeling
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Dates: during 1980-1989
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Quotas have often been ineffective in holding down the general level of imports and sometimes even in aiding the domestic industries they are supposed to help. In steel, quotas on shipments from the European Community, Japan and eleven other nations were supposed to hold imports to 20.5% of U.S. consumption, but the actual share is running at 25.7%. What quotas and other restrictions do accomplish is to raise prices of imports and of the American goods that compete against them. The New York Federal Reserve Bank figures that quotas and tariffs on clothing and textiles cost consumers between $8.5 billion...
Some U.S. industries, notably steel and autos, let their labor costs get out of hand, solidifying America's double-edged distinction of having the highest paid manufacturing workers in the world (see chart). Others turned out products that consumers judged to be of poor design and workmanship, unwittingly setting themselves up as targets for foreign competitors. Standout example: Japanese cars are no longer remarkably cheap in the U.S., but they sell heavily on what Detroit automakers concede is a reputation for superior quality. American automen insist they have improved the quality of their cars enough to equal the Japanese...
Quotas often come thinly disguised as "voluntary" pacts between trading partners. Under polite but firm pressure from the European Community, the Japanese agreed to limit shipments of quartz watches, hi-fi equipment and computer-controlled machine tools. The U.S. has won similar promises from 15 steel exporters, including Brazil and the European Community...
Still, it is likely that Reagan correctly gauged the political odds on shoes. Though determined, the defenders of the shoe industry are not numerous enough to carry Congress. That is, unless they can make common cause with Congressmen fronting for some other--and more powerful--endangered industry, such as steel, textiles or autos...
once mighty steel...