Developing Threat of Global Trade War
Rise of Protectionist Sentiment in Washington
Competition' for world markets is increasing at a time when the winds of free trade appear after 35 years to be blowing out. The leading international trade organization, the General Agreement on Tariffs and Trade,1 reported in mid-1970 that protectionist influences were being felt throughout much of the world more strongly than at any time since the early 1930s, Protectionism has arisen especially in the United States as a growing tide of imports contributes to the woes of domestic industries already troubled by inflation and of a government concerned about the nation's imbalance of international payments.
But the threat of protectionist action in Congress brings on talk of retaliation from abroad against American exports. The ...