Word: exporting
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...Indeed, it was through his entry into the South African gold industry during the early '50s that Engelhard first started to turn his father's relatively modest metals business into a global powerhouse. Setting himself up as a bullion dealer in South Africa, Engelhard beat restrictions on the export of newly mined gold by manufacturing solid gold art items--solid gold pulpit tops, dishes, bracelets. Once legally exported in this manner, they would be melted down into bullion again...
...past three years, the excess of what the U.S. bought over what it sold abroad rocketed to a total of $31 billion, and this year the deficit is expected to hit a record $33 billion. So last week when the President finally announced his long-awaited new National Export Policy, he conceded that "there are no short-term, easy solutions...
...practical measures aimed at making the U.S. more competitive in world markets, and of policy directives intended to alleviate Government obstacles to trade. On the practical side, the President ordered a modest expansion of the federal machinery that helps American businessmen sell their goods abroad. For example, the Export-Import Bank, which provides low-cost loans to foreign buyers of American goods, will be given more generous financing. Also, the Small Business Administration has been authorized to advance as much as $100 million in loan guarantees to little firms that engage in exports...
Ideological "Disincentives." Even as Carter was outlining his export program, he reaffirmed his commitment to his human rights crusade. Whatever its moral and political merits, the program has hurt exports. Given the generally accepted rule of thumb that every $1 billion in exports supports 30,000 to 40,000 jobs, the cost of the various official "disincentives" to trade is high. Treasury officials reckon that the U.S. loses up to $10 billion a year in sales because of various foreign policy considerations. The Jackson-Vanik amendment to the 1974 Trade Act, for example, denies the most-favored-nation status...
Multinational Disadvantage. Exports suffer because the U.S. is the world's only large multinational manufacturing nation. During the 1950s and early '60s, when American companies were awash in capital but bothered by high-priced labor, they moved factories to countries where investment was welcome and labor was cheap. Many big firms do not export finished products because they already produce them abroad. According to a confidential State Department study, U.S. multinationals in 1970 were producing $200 billion worth of goods abroad. That was nearly five times greater than total U.S. exports and, if anything, the gap has widened...