THE ECONOMY: What U.S. Producers Are Up Against

President Nixon has long been worried that the U.S. is losing out in world markets because domestic labor costs are inflating so fast and kicking prices up so high. With that in mind, he stretched his usual hands-off approach to private pricing matters just a bit last week and called into the White House leaders of the two sides in the current steel-labor negotiations. He gave them both an innocuous pep talk, urging them to make a settlement that would allow the steel industry to remain at least somewhat competitive in the world. Budget Chief George Shultz assured newsmen that...

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