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Conversation: 472-009

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Start Date: 23-Mar-1971 11:30 AM

End Date: 23-Mar-1971 12:13 PM

Participants:

Nixon, Richard M. (President)Peterson, Peter G.Bull, Stephen B.Etherington, Edwin D.Finch, Robert H.White House photographer

Recording Device: Oval Office

Full Tape Conversation Start Time: 00:46:44

Full Tape Conversation End Time: 01:28:48

472-009.mp3

NARA Description:

On March 23, 1971, President Richard M. Nixon, Peter G. Peterson, Stephen B. Bull, Edwin D. Etherington, Robert H. Finch, and White House photographer met in the Oval Office of the White House from 11:30 am to 12:13 pm. The Oval Office taping system captured this recording, which is known as Conversation 472-009 of the White House Tapes.

Nixon Library Finding Aid:

Conversation No. 472-9

Date: March 23, 1971
Time: 11:30 am - 12:13 pm
Location: Oval Office

The President met with Peter G. Peterson

     Textile negotiations
          -Peterson’s report
                -US strategy
          -Congress
          -A meeting in Albuquerque
          -Possible negotiations
                -Defense Department
                -Agency for International Development [AID]
                -Chief negotiator
                      -Peterson
                            -Textile industry
                      -Requirements
                            -Asian countries
                            -Loyalty to the President
                                  -President’s policy
                            -US textile industry
                            -State Department
                                  -Philip H. Trezise
                      -Peterson’s talk with Harry S. Dent
                            -Anthony J. Jurich
                                  -Okinawa experience
                      -David M. Kennedy
                            -Textile
                            -Shoe imports
                            -Jurich and Trezise
                            -Support for President’s policies
                            -Peterson’s conversation with Dent
                            -President’s view
                                  -Role
                      -Jurich
                            -Background
                            -Dent
                            -Role
                                         13

                     NIXON PRESIDENTIAL MATERIALS STAFF

                                 Tape Subject Log
                                    (rev. 9/08)



               -Kennedy
                      -Jurich
               -Trezise
                      -President’s view
               -Kennedy
               -Jurich
               -Kennedy
                      -Textile industry                             Conv. No. 472-9 (cont.)
                      -Japanese experience
               -Trezise, Kennedy, and Jurich
           -Negotiating position
               -Peterson’s view
               -Japan
               -Peterson’s view
               -Defense Department
                      -Korea
                      -Taiwan

Shoe imports
     -Spain
     -Italy
     -Peterson’s view
     -Potential political problems
     -Political impact
            -Wilbur D. Mills, John W. Byrnes
     -US producers
            -Effect
                 -Byrnes
     -Political impact
            -Options
            -Compared with textiles
            -Scope
            -Support of shoe manufacturers in Congress
                 -Kentucky
            -US industry
     -Kennedy
            -Possible trip to Italy and Spain
                 -Peterson’s conversation with Italian ambassador
     -Possible actions
            -Options
                 -Tariffs
            -Spain
                                        14

                    NIXON PRESIDENTIAL MATERIALS STAFF

                                Tape Subject Log
                                   (rev. 9/08)



     -Kennedy’s role
           -President’s position
           -Italy, Spain
     -President’s public statements
     -Kennedy’s role
           -Possible trip
           -Strategy
           -Congress                                            Conv. No. 472-9 (cont.)
                 -Administration position
           -Forthcoming conversation with Peterson

A council [Council for International Economic Policy [CIEP]?]
     -Kennedy
     -William P. Rogers
     -George P. Shultz
     -Kennedy

Monetary policy
    -Current situation
    -Balance of payments
          -Peterson’s meeting with John B. Connally, Arthur F. Burns, Paul W.
                McCracken, and Shultz
          -Philosophy
          -Exchange rates
                -US dollar
                -Foreign aid and military aid
                      -Response
                -Issue of currency devaluation
                      -France, Great Britain
                -Future
                      -Need for change
                -West Germany currency study
                      -Effect of trade balances
                -Japan
                      -Currency
    -Connally, Burns, McCracken, Shultz, Peterson group
          -Balance of payments
          -Exchange rates
          -Negotiating position
                -Need for leadership
          -Exchange rates
                -Japan, Okinawa, trade
                                          15

                    NIXON PRESIDENTIAL MATERIALS STAFF

                                Tape Subject Log
                                   (rev. 9/08)



     -Situation in Chile
           -Taxes on foreign business
                 -Potential problems
                      -Maurice H. Stans

Trade with Japan
     -Okinawa, defense issue
           -Previous agreement                                Conv. No. 472-9 (cont.)
     -Industrial policy
     -Military, politics
     -People
           -Compared with British
     -US textile policy
           -Negotiations
           -Possible leaks
           -Kennedy
           -Legal considerations
                 -Senators

Adjustment program
     -Current program
          -Effect
          -Need for changes
          -Congressmen and Senators
     -Big companies, little companies
          -Consolidation
          -Antitrust laws
          -Byrnes’ concerns about shoe company in Wisconsin
          -Retooling and retraining
     -Economists’ views
     -Aerospace industry

Poverty program
     -Past experience
     -Investment policy
     -Management
     -Focus

Adjustment program
     -A council meeting
          -Attendees
                -Businessmen
                                               16

                            NIXON PRESIDENTIAL MATERIALS STAFF

                                     Tape Subject Log
                                        (rev. 9/08)



          -Congress

     International initiatives
           -Agriculture
                -European imports
                       -Citrus fruit
                       -Tobacco
                       Non-tariff barriers                       Conv. No. 472-9 (cont.)
                -Spain, Morocco
                -Latin America, Japan, Southeast Asia
                -Meeting blocs
                -Mediterranean countries
                       -US military role
                       -Cooperation with US
           -Multinational corporations
                -Mergers
                -Labor view
                       -Jobs
                -Need for US policy

     Future administration action on trade
          -Congressional action
          -Outside advice
               -Businessmen
               -Compared with government workers

Stephen B. Bull entered at an unknown time after 11:30 am

     President’s schedule
          -Press

Bull left at an unknown time before 12:05 pm

     Edwin D. Etherington
         -Background
         -New position

     A meeting of CIEP
         -Importance
               -Henry A. Kissinger
         -Kissinger, Shultz, John D. Ehrlichman
                                                17

                            NIXON PRESIDENTIAL MATERIALS STAFF

                                     Tape Subject Log
                                        (rev. 9/08)



           -Domestic Council
                -Compared with National Security Council [NSC]
                -Membership
           -Role of State Department
           -Role of Stans
           -Kennedy’s role
           -Connally’s role
           -Balance of payments                                  Conv. No. 472-9 (cont.)
                -Burns and Shultz relations
           -H. R. (“Bob”) Haldeman
           -Burns
           -Burns, Connally, McCracken, and Shultz
           -Balance of payments
                -Quadriad meetings
                      -Shultz
                      -Burns
                -Connally, Burns
           -Role of State Department
                -Projects
                -Adjustment program
           -Connally
           -Rogers

Etherington and Robert H. Finch entered at 12:05 pm

     Greetings

     Etherington’s acquaintance with Peterson

     President and Peterson’s meeting
          -International economic issues
                -Spain, Italy, Japan

     A statement

Peterson left at 12:05 pm

     A plan

     Photo arrangements

Photographers entered at an unknown time after 12:05 pm
                                               18

                           NIXON PRESIDENTIAL MATERIALS STAFF

                                         Tape Subject Log
                                            (rev. 9/08)



     American Stock Exchange

     Stock market

     [Unintelligible]

     President’s dinner
          -George W. Romney                                         Conv. No. 472-9 (cont.)

     An unknown woman

     Etherington’s staff

The photographers left at an unknown time before 12:13 pm

            -Romney
            -Henry E. Ford, II
            -Romney, Max M. Fisher
            -Charles B. (“Bud”) Wilkinson

     Volunteer agencies
         -Administration proposed
         -Volunteers in Service to America [VISTA]
         -Peace Corps
         -Teachers’ Corps
         -Effect on Etherington’s Center for Voluntary Action
         -Women’s role
                -Lenore Romney, Thelma C. (Ryan) (“Pat”) Nixon’s role
         -G. W. Romney’s role
         -Blacks’ role
         -Mrs. Nixon’s role
         -President’s role
         -Needs

     Ford

     President’s dinner

Etherington and Finch left at 12:13 pm
                                                 19

                           NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                         (rev. 9/08)