Word: trades
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Dates: during 1950-1959
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...effort of U.S. Asian policy since the Korean war has been to persuade the Western nations to enforce tough trade restrictions on Communist China- tougher even than on the Soviet bloc-specifically because Red China was a naked aggressor in Korea. Last week the policy was ripped up the middle when the British announced that they intended to relax their controls on Peking; Norway followed suit and so, probably, will others (see FOREIGN NEWS). The argument, as the British put it, was that it was "a vexatious anomaly" that Britain could not sell to Communist China what it could sell...
...that Britain had simply acted because she was weary of waiting for the U.S. to change its "sterile" China policy. Senate Republican Leader William Knowland, unyielding foe of Peking and long twitted as the ''Senator from Formosa," rose on the Senate floor to warn that the British trade might "some day in the not too distant future strengthen Communist China to the point where it can feel it dares to take the risk of taking over the crown colony of Hong Kong. This is a calculated risk for which Her Majesty's ministers must alone bear...
...British struck close to the mark on one point when they explained that they must trade to live, and that U.S. stick-in-the-mud policies on tariff cuts had given them little choice. But when the talk turned to the observation that it was time for the U.S. to "reappraise" its basic nonrecognition of Red China, the answer was flatly no (see box). For its part, said the State Department, "the U.S. contemplates no change in its policy of total embargo on trade with Communist China...
...streets and highways, and tables groan under good food and drink. Yet for all the look of health, the French treasury is empty. Last week the government borrowed another 80 billion francs from the Bank of France to meet the weekly payroll. The country's foreign-trade balance was unfavorable by 221 billion francs during the first four months of 1957. A billion dollars earned by French exports in better days has been dissipated during the past 18 months. A quarter-billion dollars went to pay for oil, which before last October was bought with francs or sterling...
...conference room in Paris' Palais de Chaillot, the U.S. found itself confronting an almost unified opposition. Four years after the Korean armistice, most of its Western allies were itching to get a chunk of the Red Chinese market and unwilling to agree that trade with Red China should be subject to heavier restrictions than trade with Russia. Only Turkey, of all the 15 nations comprising CHIN-COM (the voluntary committee founded during the Korean war to coordinate a selective embargo on Red China) supported the U.S. insistence that the "China differential" should be maintained. At Bermuda two months...