Trade: Angry Message From Congress

Angry Message From Congress

Perhaps the only thing that grew faster than the $150 billion trade deficit this fall was protectionist sentiment on Capitol Hill. Last week the House of Representatives vented its anger and approved a Senate-passed bill that would reduce imports of textiles from Korea, Hong Kong and Taiwan by up to 30%. Imports of shoes would also be allowed only 60% of the U.S. market, and the President would be directed to negotiate voluntary restraints with foreign copper producers. The bill, however, is expected to be vetoed this week by President Reagan. While the bill passed easily, neither house of Congress mustered...

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