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
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               -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
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     -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
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     -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
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          -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
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           -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
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     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
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                           NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                         (rev. 9/08)