World Trade

In 1960, we said—

"... We shall expand world trade in every responsible way.

"Since all Americans share the benefits of this policy, its costs should not be the burden of a few. We shall support practical measures to case the necessary adjustments of industries and communitieswhich may be unavoidably hurt by increases in imports.

"Our government should press for reduction of foreign barriers on the sale of the products of American industry and agriculture."

This pledge was fulfilled in the Trade Expansion Act of 1962.

The Trade Expansion Act of 1962, gives the President power to negotiate a 50 percent across-the-board cut in tariff barriers to take place over a five-year period.

Exports have expanded over 10 percent—by over $2 billion—since 1961.

Foreign trade now provides jobs for more than 4 million workers.

Negotiations now underway will permit American businessmen and farmers to take advantage of the greatest trading opportunity in history—the rapidly expanding European market.

The Trade Expansion Act provides for worker training and moving allowances, and for loans, tax rebates and technical assistance for businesses if increased imports resulting from concessions granted in trade agreements result in unemployment or loss of business.

Where American agriculture or industrial products have been unfairly treated in order to favor domestic products, prompt and forceful action has been taken to break down such barriers. These efforts have opened new United States export opportunities for fruits and vegetables, and numerous other agricultural and manufactured products to Europe and Japan.

The Long Term Cotton Textile Agreement of 1962 protects the textile and garment industry against disruptive competition from imports of cotton textiles. The Cotton Act of 1964 enables American manufacturers to buy cotton at the world market price, so they can compete in selling their products at home and abroad.