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Carter / Steel Industry / Nuts and Bolts #248929

CBS Evening News for Thursday, Oct 13, 1977
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(Studio) At press conf., President Carter asked with regard to steel industry problems; response cited. Later, President meets with representatives from steel industry, labor and legislators. He promises help, but won't impose import quotas. In offshoot of industry, imports are blamed for declining employment.
REPORTER: Walter Cronkite

(NYC) Mfrs. of nuts and bolts say business is coming apart. More and more, nuts and bolts are coming here from abroad, mostly from Japan. Details of problems in industry noted. Andrew Sigler has been boltmaker in Cleveland for 40 years [SIGLER - believes Americans entitled to job. Notes it's been known for about 20 years that foreign business was cutting into United States nuts and bolts bus.] Cleveland used to be nuts and bolts capital of nation; even lding. American mfrs. say if you can't beat imports, you've got to join them. [Russell, Burdsall and Ward spokesperson John LOHRMAN - notes company has gone to importing considerable quantities of product in order to compete with own competitors; is only way they've been able to survive. Are importing from Japan.] American mfrs. ask International Trade Commission to limit imports, but while admin. has cut imports of color TV's and shoes, it encourages free trade. This is partly because United States also has world market in other inds. Talks in Geneva continue, with regard to this problem, but econs. say if flow of international trade slowed, it would mean worldwide recession. It means only limited protection from foreign imports for nuts and bolts worker in Cleveland and steelworker in Youngstown.
REPORTER: Ray Brady

Reporter(s):
Brady, Ray;
Cronkite, Walter
Duration:
00:03:00

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