Word: trade
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Dates: during 1950-1959
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...crying that U.S. defensive strength will suffer if the Administration insists on holding spending to the $41 billion level of the current fiscal year. In fighting against the outflow of dollars to foreign countries, the Administration was studying a possible cut in foreign aid and a revision of trade policies, with an eye toward shaping a new foreign economic policy that would hold the free world together...
Ideally, U.S. policy aims toward a free world of independent nations bound together in growing prosperity by a thriving, dependable free trade. Realistically, the U.S. has poured billions overseas to rebuild the industrial nations and finance the undeveloped, while many a rebuilt, well-financed country has maintained tariff walls against U.S. goods or tight controls on dollar purchases. Samples: Britain still limits or bars a long list of U.S. goods ranging from construction machinery to comic books; France excludes U.S. bourbon while buying British Scotch; Japan requires licensing for 70% of her imports, will not let Japanese businessmen buy some...
...moved to bring idealism and realism into line, warned the well-to-do that it was time to bring down the barriers and get on with the trade-or else...
Spokesman for the important policy change was the U.S.'s No. 2 diplomat, Under Secretary of State (for Economic Affairs) C. Douglas Dillon. "Either we move ahead to get rid of outmoded trade restrictions," he told the 54 nations represented at the General Agreement on Tariffs and Trade (GATT) meeting in Tokyo, "or we can expect a resurgence of protectionism and restrictive action." Two days later he told members of the America-Japan Society: "During the era of the so-called 'dollar shortage' we were disposed to be passive about foreign discriminations against our exports...
...backward to a "Buy American" program calculated to subsidize high-priced American products that could not otherwise compete in world markets. Arkansas' William Fulbright, chairman of the Senate Foreign Relations Committee, fired off a barrage of hostile questions to DLF Director Vance Brand in the name of free trade...