546–2

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
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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
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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


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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.