needed to be done.
They had only been
prepared to consider this kind of action
where they were convinced by the country
concerned that exports from Hong Kong were
doing real and substantial damage which even
Hong Kong, with its lower standard of living,
could accept. This involved cases where
Hong Kong had a major share of trade and
where her share was big in relation to
domestic production. Such circumstances
had not arisen often and not over a large
range.
They had been looked at product by
product. Hong Kong must set its face against
globalised, generalised multilateral
arrangements. What did the US want Hong
Kong to do?
Mr. Stans asked whether Hong Kong would help to
participate in finding a solution.
•
As regards the self-
sacrifice point; if nothing was done this would mean the
transfer of employment from the US to other countries and
this did not make political or social sense in the US.
If it was a case of gradual encroachment he might agree that
nothing need be done (Sir J. Cowperthwaite interjected that
there was no encroachment as of now) at heart the US Adminis-
was a free trader. The problem was how to get there.
tration
8
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