Nixon White House Tape 71 (September 7, 1971)

Nixon, Council on International Economic Policy & Sweizer

President Nixon met with the Council on International Economic Policy (CIEP) and key economic advisors to discuss the administration's post-August 15 New Economic Policy (NEP) and future international trade strategy. Peter G. Peterson led a presentation analyzing the shortcomings of global liberal trading systems and the challenges posed by foreign competitors like Japan, while other officials addressed the domestic economic impact, labor relations, and the status of ongoing monetary negotiations. The President emphasized the need for a firm but diplomatic approach toward Japan and directed his team to maintain the offensive on domestic economic policy while keeping options flexible regarding international monetary reform.