144. Editorial Note
On January 3, 1961, Clarence Randall, Chairman of the Council on Foreign Economic Policy, submitted a report to President Eisenhower on foreign economic policy during the Eisenhower administration. Regarding international trade, Randall wrote:
“Foremost among the matters to which I may have made some contribution has been the advancement of a liberal trade policy in world affairs, for which you have provided constant inspiration and leadership. It has not been easy at all times to withstand the importunities of those who, for their own short term advantage, would retard the long term national benefit. But the leadership of the Administration in this field has gone steadily forward. Trade barriers the world around have been steadily reduced, and the unquestioned leadership of the United States in this movement has not only been of great advantage to our own economy, but has strengthened immeasurably the economy of the entire free world.” (Department of State Bulletin, January 30, 1961, pages 157–159)
On January 6, Secretary Herter gave Eisenhower a summary of foreign policy during his presidency. Eisenhower administration policies, he reported, were “based on a belief that economic growth and interdependence are necessary conditions for stable and free nations.” Among the initiatives Herter cited in this area were support for the Reciprocal Trade Agreement Program, including “the longest single extension during the 25-year history of the program”; creation of the Organization for Economic Cooperation and Development; support for the European Common Market and the European Free Trade Association, greater interchangeability between Western European currencies, and broader cooperation in Western Europe; and the President’s Food for Peace proposals. For text of this report, see American Foreign Policy: Current Documents, 1961, pages 12–23.