The decision was Jimmy Carter's first major one on foreign trade, and he weighed it gravely, presiding over a long meeting of the Administration's Economic Policy Group and even penning several paragraphs of the final announcement. In the end, he rejected an International Trade Commission recommendation to quadruple tariffs on many foreign shoes, to 40%. Declared the President: "I am very reluctant to restrict international trade in any way."
That said, Carter proposed to restrict trade in a "modest" way. He will try to negotiate agreements with South Korea and Taiwan under which those nations would "voluntarily" cut back exports...
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