Word: francs
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...market for steel, color TV, microwave ovens and other products made by aggressive foreign competitors, the U.S. trade deficit is ballooning toward $30 billion, about five times the 1976 figure. That has sent the dollar to new lows against such currencies as the Japanese yen, German mark and Swiss franc, and set off a protectionist clamor for restrictions on imports to save American jobs...
...brakes by selling Government securities to drain bank reserves and raise the cost of borrowing. With oil imports propelling the U.S. balance of trade deficit toward an alarming $30 billion this year, the dollar last week skidded sharply against the Japanese yen, the West German mark and the Swiss franc. "Economically," conceded a White House aide, "it's been a rotten week for the Administration. I mean it's bad enough to have businessmen and stockholders causing all sorts of commotion without having to worry about international money managers in London and Zurich...
Currently, the threat of low-priced foreign competition also worries businessmen-and with good reason. The U.S. trade deficit is ballooning toward a horrendous $30 billion this year, almost five times the 1976 figure. The present drop in the value of the dollar-6% against the Swiss franc, for example, in the past eight weeks -hardly inspires confidence either. Unease about many of these matters predates Carter's Inauguration, but there is no question that doubts about the President's economic policy have increased the reluctance to invest. Says Willard Butcher, president of Chase Manhattan Bank: "Frankly, many...
...annual rate of inflation in August dropped to 6.2%, the lowest since January, and unemployment figures for September, released last week, showed a slight decline. The nation's trade deficit will probably be reduced this year to around $3 billion, from $4 billion in 1976, and the franc has stabilized at about 4.86 to the dollar. On the other hand, output of goods and services is likely to grow only 3%, v. an original forecast from Barre...
...policy on the international front has been a growing source for grumbling. Last week disagreement with the Administration's foreign economic policy flared again in the wake of two developments: the plunge in the dollar's value to new lows against the West German mark, the Swiss franc and the Japanese yen hi international money markets, and the Government's report of a record monthly foreign trade deficit of $2.82 billion for June. For the first six months of the year, imports outpaced exports by $12.6 billion, and official estimates are that the deficit...