Abstract
Senator Lloyd Bentsen, Chairman of the Senate Finance Committee, discusses the United States' growing trade deficit and proposed trade legislation.
Description
In 1986 the U.S. trade deficit topped $170 billion despite the dollar's 30% decline against other currencies. With the United States' shift from the world's largest creditor country to the world's largest debtor country complete, American lawmakers led a push for trade legislation that would once again restore America's competitiveness in the world market. Although President Reagan resisted the rising tide of trade legislation, labeling congressional efforts as protectionist, after the 1986 mid-term elections Democrats took control of the House and the Senate, giving new impetus to proposed trade bills. In this episode, Senator Lloyd Bentsen, Chairman of the Senate Finance Committee, discusses proposed trade legislation. Is trade legislation the answer to America's growing trade deficit, or is it the first step down the dangerous road to protectionism?
Location
North America; United States;
