US Presidency
1961

Its vitality is gone- a fresh approach is essential- and the longer we postpone its replacement, the more painful that step will be when it finally happens. For this is no longer a matter of local economic interest but of high national policy. We can no longer haggle over item by-item reductions with our principal trading partners, but must adjust our trading tools to keep pace with world trading patterns and the EEC can not bargain effectively on an item by-item basis. I am proposing, in short, a new American trade initiative which will make it possible for the economic potential of these two great markets to be harnessed together in a team capable of pulling the full weight of our common military, economic and political aspirations. And I do not underrate at all the difficulties that we will have in developing this initiative.