U.S. TRADE POLICY

Press, Volume XC, Issue 27491, 27 October 1954, Page 11

U.S. TRADE POLICY

Appeal By Mr Eisenhower <Rec. 11 pjn.) WASHINGTON, Oct. 25. President Eisenhower today appealed for a United States foreign economic programme to “expand trade, encourage investment, help bring about currency convertibility, and reduce the beed for direct aid to other countries.” The President, in an address before me National Security Industrial Association here, made development of his foreign economic programme the first point in a seven-point programme to increase United States national production from 356.000.000,000 dollars to 500.000.000,000 dollars in less than a decade.

Emphasising the importance of'conCdence to over-all economic growth in America, Mr Eisenhower said that fear paralysing depression could now be safely laid away.” “I believe that « is high time, in this great, growing. Productive land of ours, to put behind the rash of fears that for so long have haunted some among us—fear of *ar. fear of unemployment, fear of ourselves—fear of the future,” the President said. “Certainly, we know how that one such fear—the fear of a paralysing depression—can be safely ‘Drawing on the richly varied abili- ; les of our entire citizenry, we can foresee that in less than a decade the Rational output will increase from tajay’s 356,000.000,000 dollars to dollars. This would ®qual an average increase of more -han 3000 dollars for every American of today.” The President then outlined seven basic points in his programme. His nrst point was that a foreign economic Programme had to be developed that Would expand trade, encourage investment, help bring about currency convertibility and reduce the need for aid to other countries. “This Programme will expand markets for goods abroad.” the President said., will help improve our stancrard of U VS®'. as well as * he security and of the entire free world.” The President’s other points were:— Lcntinued reduction of spending to permit more tax cuts. Construction of a modern highway system. 'Continued improvement of the farm programme. Lonversion of the atom to the peaceful service of mankind. schools and housing and broader social security coverage, development of water, power, and soil resources of the river valleys. . Mr Eisenhower said that 1954 was he “most prosperous peace-time United States history. This Picture was “marred by the fact that *h certain industries and localities some did exist as the aftermath of war and inflation.” This caused -eep concern, the President said, but said the level of unemployment was lower than in the recessions of and 1950. and “less than one-

. It is only when we win the struggle Permanent peace that we can de°te the full power of this mightv country of ours to the advancement of human happiness.” said Mr Eisenhower. America’s greatest hope and oppor- }? nit y is to make strong and lasting Jhe present uneasv peace that has so jateiy come to the world. With a JJ n Bht future clearly before us, we no reason for fear. If we exerH we maintain our faith 111 the genius and energy of our

people, if we avoid the centralisation that is the refuge of fear, our economy will remain healthy and growing and strong.”