Meeting today at a particularly crucial moment for American foreign economic policy. A number of facts which combine to make the next few months a time for decision: a new administration in Washington; The purpose of the United States foreign aid program to bring a durable solution of world imbalance; the Trade Agreements Act, under which U.S. tariffs have been revised in recent decades, expires in June. The issue: can the U.S. get itself a policy appropriate to its position in the world economy. A response to this question. Canada's involvement. The responsibilities of American business in determining foreign economic policy. A brief review of the background to this issue. Reasons for the foreign aid program and its failure. Both Canada and the U.S. having implemented the other side of the European Recovery Programme: reducing barriers to trade, encouraging imports from dollar deficient countries. In the U.S., decreased duties. Achievements regarded only as a beginning. Some statistics. Negotiations under the Trade Agreements Act since 1947 embodied in the General Agreements on Tariffs and Trade (GATT). Critics of GATT. The American tariff, with examples. The issue of whether or not American tariffs have been decreased enough. Arguments for protection. The speaker's belief that the degree of protection must be strictly limited to the needs of security. The effects of tariff reductions on existing industries. The need for a specific programme to deal with the problems of adjustment. Some suggestions as to what can be done, with illustration. The central purpose of American foreign policy, at least up until today: to build a community of nations strong enough to meet the Soviet threat. The need for economic strength, and for enlightened trade policies. Dramatic evidence that wide public support exists for a realistic economic policy. The meaning of world trade catching on. Today, our future founded on the strength of the free world. The prime test of an economic policy in its contribution to the power of that alliance. The need for spectacular and decisive leadership in North America. No room for half measures. The world can only earn the dollars necessary to maintain international trade at a high level if we practice the free competition that we preach, including competition between domestic and foreign goods.
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