Again Vows Veto if It Doesn’t Suit Him : Reagan Presses Congress to Rework Trade Measure

President Reagan continued to press Congress to rework its massive trade bill Saturday, and again vowed to veto the measure if it is not to his liking.

“I will veto a bad trade bill before I will let a bad trade bill veto our economic expansion,” the President said.

Reagan, who wants a number of provisions removed from the legislation now nearing completion in Congress, said an improperly drawn bill “could go a long way toward making America a bad investment for Americans and foreigners alike.”

He made his remarks in his weekly radio address, delivered from his ranch northwest of Santa Barbara. Reagan is scheduled to return to Washington today after a 10-day Easter holiday.

Two Different Bills

Differing trade bills have been passed by the House and Senate, and representatives of both chambers are in the process of resolving the differences.

Sen. Lloyd Bentsen (D-Tex.), delivering the weekly Democratic response to the President, called on Reagan “to stop brandishing his veto pen . . . and work with us to fashion fair, effective trade policies.”

He predicted that Congress will send the White House late this month a trade bill that “gives America the tools we need to do a very difficult, important job” and will result in “a stronger, more competitive American presence in world markets.”

Bentsen, chairman of the Senate Finance Committee, called for a bipartisan approach to legislation to correct the trade deficit like that developed after the October stock market crash to deal with the budget deficit. He conceded, however, that the legislation alone will not “solve all of America’s problems with trade and restore our competitiveness.”

‘Protectionist Pressures’

“But we can’t do the job,” said Bentsen, “without a consistent trade policy to point us in the right direction, to shield us from protectionist pressures by opening up world markets to American manufactured and agricultural products, to create new opportunities for our service industries, to accord trade policy the importance it so clearly deserves and to demonstrate that America is serious about insisting on equal access to world markets.”

In his speech, the President did not mention any specific provisions in the bill to which he takes exception. However, in the past the Administration has objected to limitations the bill would impose on foreign ownership of enterprises in the United States, and some of them have been removed.

“The fact is we live in a global economy,” Reagan said. “We can be glad people in other countries choose to invest in the vibrant and growing U.S. economy, rather than their own nations.”

He said that although the final bill has not been passed, “from what we already know, we still have very--underline very--serious reservations.”

Opposes Retaliation

Among the provisions the White House opposes are an already watered-down amendment originally sponsored by Rep. Richard A. Gephardt (D-Mo.) to force U.S. retaliation against foreign countries that run up huge trade surpluses with the United States, and another that would require companies to give 60 days’ notice of plant closings or layoffs.

Reagan also used the radio speech to tout the state of the U.S. economy, and cited the growth in employment and wages.

“Some of our political opponents are very concerned about the state of our economy. And I have to tell you I don’t blame them. If I were in their shoes, I’d be worried too,” he said, declaring that “April marks the 65th straight month of the longest peacetime expansion in U.S. history.”