Word: dollars
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Dates: during 2000-2009
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...competitive problems in the past, there used to be an easy fix: currency devaluation, which made Italian exports cheaper relative to those of other countries. But that solution is no longer available, because Italy swapped the lira for the euro, which has risen against most other currencies, including the dollar. "We used to say small is beautiful, but that's no longer true," says Adalberto Valduga, president of the regional chamber of commerce in nearby Udine, the provincial capital. While the strong euro is penalizing firms, he says the real challenge is a more fundamental one: "We need to change...
...Cambridge City Council voted at its meeting last night to appropriate a $1.3 million-dollar gift from Harvard for the Harvard Square Enhancement Project. The city’s project, which faced funding difficulties, aims to make the Square more pedestrian-friendly. Harvard’s gift will help fund the installation of a walk signal by Johnston Gate and sidewalk and street enhancements by the Lampoon castle and on Palmer, Winthrop, and JFK Streets. Councillor Henrietta Davis joked that she was happy to praise Harvard for a change. “This is a really important pedestrian project...
...senators are scheduled to arrive in Beijing this week, brandishing the negotiating equivalent of stone axes. Lindsey Graham and Charles Schumer are co-sponsors of a bill that would slap a 27.5% tariff on all Chinese imports unless Beijing allows its currency to appreciate significantly against the dollar, an adjustment some trade experts believe would reduce the deficit by making China's exports more expensive in the U.S. and U.S. products cheaper in China. Chinese Prime Minister Wen Jiabao, at a press conference last week, suggested the two Washington politicians could save U.S. taxpayers the airfare. There was not going...
...situation economists (and many politicians) say cannot continue indefinitely. The U.S. current-account trade deficit reached $805 billion in 2005. That amounted to 6.4% of GDP, or more than twice the size of the trade deficit in 1985, when the U.S. took the drastic step of devaluing the dollar?and the rate at which the gap is expanding is accelerating. China trade alone accounts for more than one-fourth of the deficit. That's why U.S. Commerce Secretary Carlos Gutierrez has bluntly warned Beijing that something has to give. "China's failure to address economic frictions will have consequences...
...Financial markets, at least, have not been rattled despite the worsening political atmospherics. The Dow Jones index, the most-watched barometer of the U.S. stock market, neared a six-year high last week, and the dollar has been firm, despite the massive trade deficit which, in theory at least, is eventually supposed to drive the greenback's value down. Moreover, at a moment when the U.S. needs China's help in the U.N. Security Council to bring Iran's nuclear program to heel, U.S. President George W. Bush is plainly eager to finesse the trade issue as best...