I c o m e now to what is to my mind intellectually, if not practically, a much more difficult matter. What line is America to take about collective attempts by other countries to ease their own problems by im­ posing on her exports restrictions greater than any they impose on trade between themselves? A few years ago the reply of American official opinion would have been unanimous and emphatic. All such discriminatory arrangements are the work of the devil and must be resisted, not only as a matter of self-interest, but as a high moral duty. One excep­ tion only can be allowed; if two or more countries abolish all restrictions between themselves, becom­ ing for commercial purposes one country, they can be allowed, like any other country, to impose reasonable restrictions on imports from the outside world. That answer has never satisfied other coun­ tries, and is nowadays given less confidently even in this.