Word: steels
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Dates: during 1950-1959
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...Steel Pact Proposed...
WASHINGTON, May 5--President Eisenhower cautioned the steel industry and its workers today that "the United States cannot stand still and do nothing" if they push wages and prices upward in an inflationary spiral...
...businessmen, the newest problem at home and abroad is foreign competition. Inland Steel's President John F. Smith Jr. told stockholders: "A Peoria house builder can buy a keg of Belgian nails for a dollar less than from a local mill''-even after shouldering shipping and insurance costs and paying the U.S. tariff...
What is true of nails is equally true of many other products. Illinois farmers within a few miles of steel mills can buy imported barbed wire $40 a ton under the U.S. price. Five years ago U.S. auto exports were five times imports; today imports are nearly four times exports. Other consumer industries, ranging from fishing tackle and electric clocks to cameras, transistor radios, and generators are also running into stiff competition because the U.S. manufacturer cannot match the foreign seller, for reasons ranging from price to quality and delivery terms...
...this new competition has raised the question of how the U.S. can prevent itself from being priced out of world markets. Inland Steel's Smith is not alone in asking how much longer the U.S. can afford the contrast between the $3.03 average U.S. steel wage and, according to latest available figures, the 89? average for Luxembourg, the 78? average for Belgium, the 68? average for West Germany, or the 41? for Japan. One obvious but unlikely solution is for foreign countries to raise wages faster, share more of the benefits of rising productivity with their workers...