Foreign Relations of the United States, 1958–1960, Foreign Economic Policy, Volume IV

96. Minutes of the 88th Meeting of the Council on Foreign Economic Policy⁰

April 16, 1959.¹

[Here follow a list of participants and discussion of unrelated matters.]

III. CFEP 581—U.S. Position for the International Cotton Advisory Committee Meeting of May 1959

1. The Council considered the recommendations of the Department of State for a U.S. position at the May 1959 meeting of the International Cotton Advisory Committee (ICAC)—(See CFEP 581/1 dated April 10, 1959).²

2. Mr. Mann stated that friendly cotton exporting countries are worried by the decline in raw market prices of cotton which have occurred during 1958 and fear that prices will decline even further in 1959. He said that the United States cotton export policies are receiving the blame for this situation, and that the United States will be subject to strong pressures at the May meeting of the ICAC to cooperate in measures to stabilize cotton prices, including U.S. participation in an International Cotton Agreement.

3. It was the consensus of the Council, with the Departments of State and Labor dissenting, that the United States should not indicate at the ICAC meeting, or otherwise, that the United States would become a member of an International Cotton Agreement.

4. It was the further consensus of the Council that, having in mind the responsibilities imposed by Congress to regain the U.S. “fair historical share of the world cotton market,” the U.S. should do everything possible to display an understanding of the problems confronting these countries, and offer to work together with them in planning positive programs to meet these problems.

5. The Council agreed to a suggestion by the Chairman that Special Assistant to the President Don Paarlberg should confer with representatives of the Departments of State and Agriculture to develop a U.S. position for the May meeting of the ICAC reflecting the above sentiment.

Paul H. CullenLt. Col., USA Secretary

0. Source: Eisenhower Library, CFEP Chairman Records, Papers Series, CFEP Minutes, 1959. Confidential.
1. The meeting took place at the Executive Office Building.
2. Not printed. (Washington National Records Center, RG 59, CFEP Files: FRC 62 A 624, CFEP 581/1, U.S. Position for the International Cotton Advisory Committee Meeting)