Page 20 The Americans may find themselves pulled in opposite directions. They have been strongly opposed to any extension of preferenti al systems and to moves which appeared likely to make permanent or more durable discriminatory measures against their exports. On the other hand their policy is to welcome arrangements which integrate and strengthen Europe. On the whole there is little doubt that the U.S.A. would object to arrangements which conflicted with the ideals of multilateral trade and convertibility of currencies.
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