Word: deficits
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Dates: during 1990-1999
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...issue is close to the American wallet: China, one of the U.S.'s most important trading partners, is getting a lot more out of the current deal. America's anticipated trade deficit with China will be $60 billion this year. Which is why, despite his disappointment over lack of progress on the issue during his visit to Beijing, Clinton stressed that "we'll keep on working at it until we reach a commercially viable agreement." At least his hosts gave him a taste of the action on the Shanghai Stock Exchange, where he was presented with a red trader...
...China. The impression they give is that Washington will concede anything to do business deals with Beijing. China is a tough customer when it comes to buying American. There is an enticing market there of 1.2 billion people, but most U.S. trade with China runs the other way. The deficit is running at $4.3 billion because Americans buy 70% of their low-end consumer goods, like shoes, toys and textiles, from China, which has replaced richer Asian nations as the cheapest supplier (which keeps U.S. inflation down). What America mainly sells to the Chinese is high-value-added items like...
...bank accounts and, perhaps irretrievably, their minds. The potent, man-made stimulant--invented 80 years ago in Japan, issued to soldiers in World War II, prescribed to chunky housewives in the '50s, known to '60s hippies as speed and now sometimes passed out to antsy third-graders with attention-deficit disorder--is, at least in its crumbly, powdered street form, an upper that leads straight down...
Asia's crisis is hobbling the U.S. economy, but it's a slow-acting poison. The U.S. today announced a record $14.5 billion trade deficit for April -- but by now the situation is probably even worse. "Unless Asia recovers and starts buying U.S. exports again, U.S. growth for the rest of the year will probably be wiped out, with serious repercussions for our economy," says TIME reporter Bernard Baumohl. Even more serious than the trade deficit is the $47.2 billion all-time high in the current account deficit -- the indicator of the amount America has to borrow from overseas. Baumohl...
...figures underline the importance of yesterday's U.S. intervention to boost the yen -- further devaluations in Asia would swell the already bloated deficit. Some relief may eventually come from Europe, however: "If Europe's economies keep bouncing back, their increased demand for U.S. exports will offset some of the losses in Asia," says Baumohl. Until then, it's going to be a rough ride...