Word: steels
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Quotas often come thinly disguised as "voluntary" pacts between trading partners. Under polite but firm pressure from the European Community, the Japanese agreed to limit shipments of quartz watches, hi-fi equipment and computer-controlled machine tools. The U.S. has won similar promises from 15 steel exporters, including Brazil and the European Community...
Still, it is likely that Reagan correctly gauged the political odds on shoes. Though determined, the defenders of the shoe industry are not numerous enough to carry Congress. That is, unless they can make common cause with Congressmen fronting for some other--and more powerful--endangered industry, such as steel, textiles or autos...
once mighty steel...
...halcyon year of 1973, the U.S. steel industry rolled out 151 million tons of raw steel, employed 509,000 workers and captured 87.6% of the domestic market. By the end of last year, the industry had shed 26 million tons of capacity and 296,000 jobs; its share of the domestic market had dropped...
...looming and steelmakers screaming for relief, the Reagan Administration required foreign competitors to enter into "voluntary restraint agreements" aimed at reducing their share of the U.S. market to mid-'70s levels for a period of five years. Nonetheless, many experts doubt that foreign competition was the cause of the steel industry's woes or that protectionism is the cure...