63. Minutes of the 25th Meeting of the Council on Foreign Economic Policy, Executive Office Building, Washington, July 26, 1955, 4 p.m.1


  • Messrs. Hoover, Waugh, Kalijarvi, Goodkind, Morse, Butz, Paarlberg, Humphrey, Burgess, Willis, Weeks, Smith, Hollister, Charrette, Delaney, Hale, Wormser, Amory, Morrell, Guthe, Thorpe, Metcalfe, Cooley, Rock, Anderson, Johnson, Davis, May, Hauge, Rappapert, Hutchinson, Dodge, Galbreath, and Cullen

Draft minutes of the 24th Meeting, Wednesday, July 20, 1955, were approved as corrected.


CFEP 501. East-West Trade.

The Chairman briefed the Council on the Steering Committee’s report and proposed policy statement on economic defense (CFEP 501/6) which would replace NSC 152/3, and portions of NSC 5429/5. The Council expressed its appreciation of the work of the Steering Committee and Drafting Group in the preparation of these documents.
It was the consensus of the Council that no action should be taken on the proposed policy statement at this time since knowledge of any change in our present policy might prejudice the U.S. negotiating position at the October meeting of the Foreign Ministers.2
The Council requested the Steering Committee (a) to go forward with the studies which the Committee in its report had recommended be pursued, and (b) to prepare position papers on East-West Trade, particularly on subjects which the Department of State might suggest as useful and appropriate for the use of the United States negotiators at the meeting of the Foreign Ministers in October.
The Council expressed a desire to discuss East-West Trade problems at future meetings and in this connection instructed the [Page 247] Steering Committee to inform the Council of problems under consideration prior to the formulation of a position on these matters.3
  1. Source: Eisenhower Library, CFEP Records. Secret. No drafting information is given on the source text.
  2. Reference is to the meeting of the Foreign Ministers of the United States, the United Kingdom, France, and the Soviet Union, scheduled to open in Geneva on October 27. For documentation, see vol. V, pp. 537 ff.
  3. On August 3, Joseph Dodge forwarded to James Lay the report of the CFEP Steering Committee on economic defense policy and the accompanying staff studies. (Eisenhower Library, CFEP Records) Lay circulated Dodge’s memorandum to the NSC on August 8. (Department of State, S/PNSC Files: Lot 61 D 167, Economic Defense Policy)