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For. Competition / Steel and Television Inds. / Zenith / Ford Motors #254370

CBS Evening News for Wednesday, Sep 28, 1977
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(Studio) Fundamental belief of many economists is that United States and world economy are inseparable and that reestablishment of high tariffs would be great danger to healthy economy; Carter econs. share this view, but there are growing demands for such tariffs to protect American jobs. Steel industry problems with cheap foreign competition noted. Now Zenith Radio Corporation announces it must go abroad for cheaper labor, eliminating over 5000 American jobs.
REPORTER: Walter Cronkite

(Chicago, Illinois) Details of Zenith's plans and problems of United States television manufacturing industry noted. Zenith sets to be assembled in US, but many parts to be made in Mexico and Taiwan. Imported small-screen sets have virtually wiped out market for similar American sets; fears are that if Japanese begin to build large sets, same will happen. [Zenith president John NEVIN - notes companies like RCA, GE, Sylvania and Admiral have found it necessary to move jobs out of US.] Zenith has charged Japan with selling sets in United States for less than cost plus reasonable profit; example cited of set made in Korea by Japanese company Toshiba. [NEVIN - cites own awareness of impact of decision on affected workers.] Irony is that Sony is most often thought of as Japanese company, but United States sales have been so successful that major of Sony sets now assembled near San Diego, California.
REPORTER: Don Webster

(Studio) Further irony is that Zenith mkts. under own name video-cassette recorder made for it by Sony in Japan. Labor Department says Youngstown, Ohio, steelworkers laid off jobs are eligible for special benefits because they lost jobs due to imports. Another blow to United States steel industry may be near; Ford Motors announces cheaper prices might force it to begin using for. steel. Company also says fuel efficiency laws could cause it to discourage purchases of big cars and to curtail product of them.
REPORTER: Walter Cronkite

Reporter(s):
Cronkite, Walter;
Webster, Don
Duration:
00:03:20

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