Socking It to Imports

The Administration gets tough with the trade deficit

"We are always willing to be trade partners, but never trade patsies."

With those feisty words in his State of the Union address, Ronald Reagan last week heralded what may be one of the major initiatives of his remaining years in office: a new assault on America's horrendous trade deficit. The President was also signaling an important change of tactics. After two years of beating back congressional efforts to pass protectionist trade legislation, the White House is about to bring forth an omnibus bill that seeks to toughen trade laws and enhance American competitiveness. The Administration initiative, which will reach Capitol...