FOR U.S. businessmen, the newest problem at home and abroad is foreign competition. Inland Steel's President John F. Smith Jr. told stockholders: "A Peoria house builder can buy a keg of Belgian nails for a dollar less than from a local mill''—even after shouldering shipping and insurance costs and paying the U.S. tariff.
What is true of nails is equally true of many other products. Illinois farmers within a few miles of steel mills can buy imported barbed wire $40 a ton under the U.S. price. Five years ago U.S. auto exports were five times imports; today imports are nearly four...
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