FOREIGN TRADE: Time to Go Home

Like men who came to dinner and wouldn't go away, foreign purchasing missions have long since outstayed their welcome in the U.S. Last week the Export-Import Bank asked them to go home.

In its first semiannual report to Congress, the Export-Import Bank said that foreign trade should be returned to private channels as rapidly as possible. It feared that continued buying by foreign missions might lead to their permanent establishment in the U.S. This would enable foreign governments to 1) use their mass purchasing power to by-pass ordinary trade channels, 2) squeeze U.S. brand names out of foreign markets. In...

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