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10— S.C.M. POST, SATURDAY, FEBRUARY 8, 1969
BUSINESS NEWS
Nixon prefers freer
world trade
system
Washington, Feb. 7.
k
President Nixon said yesterday that exploratory discussions T "have taken place and will take place" to see if the problems beset-T H ting the U.S. textile industry could be handled on a voluntary basis, ar rather than by imposing import quotas.
He told his second press
:
conference he believed itplied in the U.S. or abroad. was in the interest of the But Mr Nixon made United States and for the special exception in the case rest of the world as well if of textiles. He said this in- there was
faced movement to-dustry a
a . special ward freer trade.
problem which was affecting not only the producers but He said that such protec- the workers in the industry. tionist devices as import .quotas turned
He did not specify whether the clock
he was considering all tex- backward.
tiles cotton, man-made fibres and woollens but it has been in all three areas that concern has been voiced.
Mr Nixon said he was not in favour of quotas on im- ports, whether they are ap-
B
One of his top aides, former Representative Robert Ellsworth of Kansas, has iheaded a special group to investigate the use of volun- tary quotas as a means of restraining excessive imports into the U.S.
HK imports -
*
Japan, Korea, Hongkong, India and Pakistan are among the leading Asian importers while Britain, France, Germany and Italy all depend upon their textile export sales to the United li States.
$ 1
The steel producers of Japan and the Europeana steel and coal community last t month announced plans to | § voluntarily restrain their im- ports into the United States n over a three-year period be-c ginning this year.
It was presumably this formula that would be con- sidered as an alternative to legislation by Congress fx- ing rigid import quotas.
United States imports of textiles reached new heights last year, exceeding the 1966 record by some 17 per cent, according to statistics just r leased by the Department of Commerce.
Up 28pe
man- •
At 3,279m sq yds, imports of cotton, wool and made fibre textiles also sur- passed the 1967 level by 23 per cent, the Department said.
Of the total, man-rade fibre textiles accounted for 1,439m sq yds against 933.5m in 1967, cotton for 1,648.4m, against 1,485.3m and wool for 191.4m against 150.3m.
Mr Nixon also anno..nced at the press conference that the Treasury Department would shortly present to Congress a plan for fiscal re- form to ease the taxes on lew income groups and to in- crease the taxes on the high income brackets. The treasury is to make a statement on this subject later today.
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