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Conversation: 546-002

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Start Date: 26-Jul-1971 4:32 PM

End Date: 26-Jul-1971 5:19 PM

Participants:

Nixon, Richard M. (President)Peterson, Peter G.

Recording Device: Oval Office

Full Tape Conversation Start Time: 00:09:01

Full Tape Conversation End Time: 00:56:31

546a.mp3

NARA Description:

On July 26, 1971, President Richard M. Nixon and Peter G. Peterson met in the Oval Office of the White House from 4:32 pm to 5:19 pm. The Oval Office taping system captured this recording, which is known as Conversation 546-002 of the White House Tapes.

Nixon Library Finding Aid:

Conversation No. 546-2

Date: July 26, 1971
Time: 4:32 pm - 5:19 pm
Location: Oval Office

The President met with Peter G. Peterson.

     The economy
          -Current international situation
               -John B. Connally
                     -John D. Ehrlichman
               -The People’s Republic of China [PRC] initiative
               -Paul W. McCracken
                     -Currency devaluation
          -Trade
               -Balance of payments
                     -Hugh Scott, Richard S. Schweiker
          -Options
               -Economic and political considerations
               -Control of inflation
               -Changes in world situation
                     -Energy
                     -John Maynard Keynes
               -Dollar exchange rates
               -Forthcoming Presidential election, 1972
                     -Labor unions
                     -Unemployment rate
                     -Quota restrictions
                           -Past and future industries
               -Michael J. (“Mike”) Mansfield
                     -Legislation relating to foreign relations
               -Economic projections
               -Unemployment
                     -Public perceptions of administration stance
               -Currency devaluation
                     -McCracken
                     -Political ramifications
                     -Other nations
               -Value Added Tax
                     -European model
                     -Political ramifications
                                   4

               NIXON PRESIDENTIAL MATERIALS STAFF

                          Tape Subject Log
                            (rev. 10/08)



     -Balance of payments
           -General Agreement on Tariffs and Trade [GATT]
                 -Great Britain, France
     -US businessmen
-Wilbur D. Mills
     -Statements
           -Unemployment, economic indicators
-Balance of payments
     -Short term and long term prognosis
           -Oil
     -Currency devaluation
     -Quotas
     -Relations with other nations
           -Japan
                 -PRC initiative
                 -Balance of payments, balance of trade
                 -US negotiations
     -Confidentiality of proposed action
           -Handling
           -Connally
           -McCracken, George P. Shultz
                 -Currency devaluation
           -Connally
     -Possible action by other countries
     -Coordination of effort
           -Staff
                 -Connally, Paul A. Volcker, McCracken, Shultz
           -Confidentiality
                 -Threat of leaks
           -Peterson, Shultz, Connally, McCracken
           -Arthur F. Burns
           -Working group
           -Maintenance of confidentiality
                 -Briefings
           -Council of Economic Advisors
     -Legislation
     -Countering effects of inflation
           -Labor unions
           -Edmund S. Muskie
           -Burns
     -The President's foreign policy action
           -The PRC initiative
                                           5

                       NIXON PRESIDENTIAL MATERIALS STAFF

                                  Tape Subject Log
                                    (rev. 10/08)



                   -Timing of economic action
                         -Europe
                         -Administration
                         -Congress
             -Worldwide trends
                   -Korea, Taiwan, Republic of China [ROC], Singapore
             -Presidential authority
                   -McCracken                                       Conv. No. 546-2 (cont.)
                   -Limitations
                         -Congress
             -Confidential coordination of effort
                   -Connally, Shultz, McCracken
                         -The President's forthcoming meeting with Connally
                   -Possible meeting
             -Connally
             -Effect of currency devaluation
             -July 27, 1971 meeting with Connally, Peterson
             -Currency devaluation
                   -Shultz
                         -Free market approach
                               -Japanese, Germans
                   -Float currency
             -General Agreement on Tariffs and Trade [GATT] provisions
                   -Import surcharge, export rebate
                   -Political effect
                   -Connally


**********************************************************************

BEGIN WITHDRAWN ITEM NO. 1
[National Security]
[Duration: 11m 53s ]


    JAPAN


END WITHDRAWN ITEM NO. 1

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                                          6

                     NIXON PRESIDENTIAL MATERIALS STAFF

                                 Tape Subject Log
                                   (rev. 10/08)




US-Japan relations
     -Textile negotiations
          -The PRC, Taiwan
          -Appointment of new US Ambassador
                -David M. Kennedy
                -Textile negotiations
                -Connally                                          Conv. No. 546-2 (cont.)
                -Exports

Personnel appointments
     -Peter M. Flanigan
           -State Department
     -William D. Eberle
           -Post dealing with international trade
                 -Connally
                 -Christian A. Herter, Jr.
           -Background
                 -European Economic Community [EEC]
     -Negotiations
           -Marshall Green, Connally
           -Kennedy

The State Department
     -US-Japanese relations
           -Economy
           -Peterson, Connally
     -Eberle
     -Outlook in negotiations
     -William P. Rogers, John N. (“Jack”) Irwin, II, U. Alexis Johnson, [Unintelligible
           name]
     -Irwin
           -Role
     -Reorganization
           -Legislation
           -J. William Fulbright
     -Eberle
           -Possible role

Economic action
    -Confidentiality of meetings prior to action
                                               7

                            NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                        (rev. 10/08)



                 -Connally
                     -Currency devaluation
                           -McCracken
                           -Business community, the President's opponents

     The President’s schedule
          -Ehrlichman
                                                                       Conv. No. 546-2 (cont.)
Peterson left at 5:19 pm.