Speaker. a veritable tide of imported products is streaming into the United States. jeopardizing scores of American industries. and the jobs of millions of American workers. Foreign industries are taking a larger and larger share of the American market in everything from steel to minkskins. Without protective deviceshigher tariffs. for example. or something roughly akin to quota systemsforeign manufacturers find it startlingly easy to underprice their American competitors in the U.S. marketplace. The cheap labor supply amply available in most European and Asian countries gives their industries an enormous economic advantage over ours. How. for example. can a U.S. shoe firm paying its workers $5 an hour compete with an Asian firm paying what is equivalent to 20 cents an hour?
Identified stereotypes
Cheap labor supply in most European and Asian countries gives their industries an enormous economic advantage over ours.