t
that I think are the entire measure of the problem and the
solution.
The first is that the United States today is
the only free market in the world for textiles. Every other
major country in the world has imposed bilateral of uni-
5
lateral limitations on imports of textiles.
6
The consequence is that the United States is
7
left as the sole major market and the United States just
8
cannot absorb all of the textiles that can be produced by
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10
11
12
13
the other countries without doing great damage to the
American industry and causing unemployment to its employees.
This was the position we took.
As to a solution, we suggested that the American
industry could and would absorb all that had happened to
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15
16
17 imports, beginning at once.
it to the end of 1968, but that the imports were increasing
at such a rate that we could no longer accept them and that
adjustments would have to be made to reduce the rate of
18
19
We suggested that if this were done, no one need
lose a job in any other country or in the United States
20
for that matter and no company or section of the industry
need be hurt.~~
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22
If action were delayed we said we believed that
the United States Congress might very well take matters
23
into its own hands and impose restrictions on the level of
24
imports.
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