Word: trade
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Dates: during 1950-1959
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...needed, nor to retreat into "Buy American" protectionism, nor to cut dangerously its overseas military forces. But it might have to do all these things if such industrially strong nations as West Germany, Britain and Japan did not take over part of the aid to underdeveloped nations, drop trade barriers and get on with the business of working out a long-range program of stable free trade for the world...
Beneath this wide sweep of policy was a bedrock Administration decision to make the sound dollar the basis for the U.S. economic system, and to make a sound U.S. economic system the keystone of a free-world economic policy based on growing prosperity through freer trade. The drive was the President's own. But the man behind the drive was a tall (6 ft. 2 in.), mild-mannered Texan with a lingering touch of the prairies in his soft twang: Robert Bernerd Anderson, 49, Secretary of the Treasury and the strong man of Dwight Eisenhower's Cabinet...
Essentially there are two pillars to Anderson's policy, aid and trade...
...TRADE. Anderson's drive to get other industrial nations of the free world to lower their trade barriers against U.S. goods has already brought dramatic results. At the late September meeting of the World Bank-IMF, Sweden's Per Jacobsson, managing director of IMF, agreed with Anderson that the "new situation' called for a "fresh examination" of international economic policies. The IMF executive board urged member nations with adequate gold and dollar reserves to end discrimination against U.S. goods "with all feasible speed." A few days later, the meeting of the 37-nation General Agreement on Tariffs...
...Greatest Challenge. In pushing toward broader aid and freer trade, Anderson is serving, as he sees it, not only the interests of the U.S. but the interests of all the free world. In his global view, his policies at home and his policies abroad are interdependent, just as the U.S. and the rest of the free world are interdependent. By fighting for sound money at home, he can encourage freer world trade by keeping the world's reserve currency, the U.S. dollar, dependably stable. By persuading Western Europe to assume a fair share of the foreign-aid burden...