Opening America's Market: U. S. Foreign Trade Policy since 1776

By Alfred E. Eckes Jr. | Go to book overview

The Kennedy Round has moved the world a step closer to freer trade, which will help us all. -- President Lyndon Johnson, 1967

In today's world, all major countries must pursue freer trade if each country is to do so. The principle of true reciprocity must lie at the heart of trade policy -- as it lies at the heart of all foreign policy. -- President Richard M. Nixon, 1970


6
Opening America's Market, 1960-1974

"Each generation builds a road for the next," said President John F. Kennedy in May 1962, quoting an old Chinese saying. The Trade Expansion Act (TEA), he predicted, would "build our road for the next generation."1 The president foresaw enormous gains from freer trade benefiting American workers, producers, and consumers, while improving the nation's competitiveness internationally. Praising his TEA as the most important piece of international economic legislation since "passage of the Marshall Plan," Kennedy predicted great stimulus "from increased export opportunities as other nations agree to lower their tariffs. . . . The results can bring a dynamic new era of growth." Because "a vital expanding economy in the free world is a strong counter to the threat of the world Communist movement," Kennedy also viewed the act as "an important new weapon to advance the cause of freedom."2

As his rhetoric indicated, a sense of mission and a concern for global security interests continued to drive American foreign economic policy during

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Opening America's Market: U. S. Foreign Trade Policy since 1776
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Tables vii
  • Illustrations ix
  • Introduction xi
  • 1 - Free Trade and Economic Security, 1776-1860 1
  • 2 - Protection and Prosperity? 28
  • 3 - Unreciprocal Trade 59
  • 4 - Infamous Smoot-Hawley 100
  • 5 - Cordell Hull's Tariff Revolution 140
  • 6 - Opening America's Market, 1960-1974 178
  • 7 - Illusive Safeguards 219
  • 8 - Curbing Executive Discretion in Unfair Trade Cases 257
  • Epilogue 278
  • Notes 291
  • Bibliography 349
  • Index 383
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