Friday, Oct. 11, 1985
Nation/World
University Daily Kansan
9
Trade bill passes in House
United Press International
WASHINGTON — The House overwhelmingly passed a bill to cut textile and clothing imports yesterday, with backers describing it as a "mistake of historic proportions."
The House voted 262-159 for the bill, sponsored by Rep. Ed Jenkins, D-Ga., that would reduce clothing and textile imports from 11 major Asian producers in an effort to save domestic textile industry jobs.
The measure, which also limits the future growth of textile and apparel imports from all other countries except Canada and Western Europe, now goes to the Senate where a slightly different version is pending.
"This probably is the only trade bill you'll get a chance to vote on in the session of Congress," Jenkins said of the textile measure, which the administration vehemently opposes. "If you want fair trade, this is your choice to vote for that."
Speaker Thomas O'Neill, passage of the measure will alert the administration to what the sentiment of Congress is and will show that the American people are just sick and tired of being the lone free trader and patsy to the rest of the world.
But opponents said that while it would save jobs in the textile industry, it would cost jobs in the retailing and shipping industries and spark retaliation from American trading partners, hurting farmers.
U. S. Trade Representative Clayton Yeutter said, "Today's House vote shows the congressional enthusiasm for self-destructive protectionism is waning."
"If the House bill actually was adopted into law, it would cost American consumers $28 billion and would expose billions of dollars worth of U.S. exports to foreign retaliation," Yettuer said. "The growing recognition that these costs are simply too high to the defection of many members who had co-sponsored the bill."
Several, including Ways and Means Committee trade subcommittee chairman Sam Gibbons, D-Fla, and committee member Rep. Bill Frenzel, R-Minn., argued that the bill was the wrong approach.
SEOUL, South Korea — Peru said yesterday that it would negotiate its debt with commercial banks but would refuse to work with the International Monetary Fund, calling it a tool of the United States.
United Press International
Peru won't use IMF to drop debt
IMF sources said Peru had not resigned from the Fund and it was not clear if it intended to do so, as Alva Castro's remarks implied. One Peruvian official would only say that if the IMF "changes its ways," Peru would again consider working with it.
"Be it known to representatives of nations meeting here that Peru is not interested in, nor is it convenient to belong to, an organization that serves to benefit one country," Peruvian Finance Minister Luis Alva Castro told the annual IMF and World Bank meeting.
Castro's speech, the last of the session that ends today with talks by IMF managing director Jacques de Larosieve and World Bank President A.W. Clausen, focused entirely on criticism of the Fund and "that grand country to the North" — the United States — that he said controlled it.
the tone of his talk, which one delegate called "arrogant," was seen as a response to Treasury Secretary James Baker's warning to countries that attempt to solve their debt problems outside the establishment.
Baker said nations that choose to "go it alone" would not receive any of the new money from commercial banks and the World Bank that is part of his strategy to alleviate the world debt problem.
"Between 1973 and 1978, when Third World debt grew from $180 billion to $380 billion," Castro said, "the IMF evaded its responsibilities and was an accomplice (of the United States) in increasing over-indebtedness of the Third World."
Latin America paid $40 billion in interest in 1984, representing more than 40 percent of the value of exports from that region," the minister said.
Castro called for a "new international order" following guidelines of the group of 24 developing countries, including a new international currency.
He said Peru wanted to pay its $15 billion in foreign debt and would be willing to work with bankers on a refinancing agreement. He met individually with several members of the bank debt committee, although the tenor of the talks was not known.
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