Inflationary Effects of Foreign Trade Policy Decisions: Hearing Before the Subcommittee on Economic Stabilization of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-fifth Congress, First Session, July 20, 1977

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Page 1 - HOUSE OF REPRESENTATIVES, SUBCOMMITTEE ON ECONOMIC STABILIZATION OF THE COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS, Washington, DC The subcommittee met at 9 :35 am in room 2128 of the Rayburn House Office Building, Hon.
Page 16 - Thank you very much, Mr. Chairman. I am delighted to be here and to have this opportunity to say just a few words on behalf of the Federal City Council.
Page 16 - ROBERT S. STRAUSS, Special Representative for Trade Negotiations, Executive Office of the President, Washington, DC DEAR MR.
Page 20 - Robert S. Strauss, Special Representative for Trade Negotiations, Executive Office of the President, Washington, DC Dear Mr.
Page 12 - In recent years, the US International Trade Commission and its predecessor, the US Tariff Commission, conducted three investigations dealing with the impact of imported mushrooms on the LS mushroom producers.
Page 54 - ... offer, say. 250 yen for a dollar, which makes US goods cheaper to the Japanese, and Japanese goods more expensive to the US This adjustment in the exchange rate will continue until the number of dollars that the US spends on goods, services, gifts and investments abroad is roughly equal to the number oi dollars that foreigners want to spend on goods, services.
Page 54 - voluntary" agreements are strictly extralegal. They are, of course, no more "voluntary" than your equally mislabelcd "contributions" to social security. They are produced by arm twisting and threats of legislative or other retaliation. Like legislated quotas, they yield no revenue to the government, only a bonanza to some importers and to domestic producers. As a result, "voluntary" quotas are b> all odds the least defensible of all restrictive measures.
Page 54 - This is hogwash. a notion exposed as a fallacy 2(X) years ago by Adam Smith in his great "Wealth of Nations' and never since rehabilitated. If we import more from Japan, what do the Japanese do with the dollars we pay them? If they stuff them under the mattress, or bum them, hooray.
Page 54 - ... foreigners want to spend on goods, services. gifts and investments in the US If the Japanese can sell color-TV sets in the US more cheaply than US manufacturers, that will mean fewer jobs in the US television-manufacturing industry. But it will mean morcjohs in those industries that can now export mure to Japan.
Page 19 - Without objection, your full statement will be made part of the record. Ambassador WOODS.

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