Word: importance
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Dates: during 1970-1979
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...than $10 billion. Meanwhile, an alarming rise in inflation (40% this year alone) has slowed real economic growth, from a 10% annual average to zero in 1977. Any thought of engineering a turnaround by expanding the Labor Party's elaborate, 29-year-old system of export subsidies and import duties was anathema to Begin, who during his election campaign had promised less government interference in the economy. Instead, said Begin's top aide, Yehiel Kadishai, "we are going from a welfare state to a state where workers will fare well...
...though few Americans are willing to do the work, the U.S. Department of Labor has in recent years made it harder to hire foreign pickers, arguing that farmers should instead provide jobs for unemployed American citizens. After a legal battle with Washington, the New England growers got permission to import some 1,500 Jamaicans and Canadians just in time to bring in the crop at many of the orchards. TIME'S Judy Jarvis visited the foreign pickers on the job and sent this report...
...keeping sales up. If necessary, these companies can sell below production costs and make up the losses with Government subsidies. Dumping is far from the only gripe of U.S. businessmen. They often grouse that Japan pours out its goods to world markets but bars much foreign merchandise through difficult import procedures and other technical barriers to trade. In Europe many countries remit the value-added tax, a form of sales tax, on goods that are exported?which can cut the prices of steel sold outside Europe by as much as 30%?while adding a VAT to imported merchandise...
...deliberate, carefully calculated tactic in Carter's fight to salvage his priority package of energy legislation, which is being gutted in the Senate. It also reflected his genuine fear-and that of advisers like Energy Secretary James Schlesinger-that unless Congress acts soon to reduce U.S. dependence on imported oil, the inevitable consequences will be oil and gas shortages and a further mammoth, inflationary deficit in the U.S. balance of trade. The nation is now spending an appalling $45 billion a year to import oil, and the estimated trade deficit for this year is as high as $25 billion...
...strike has had little effect on the nation's economy; expecting the inevitable, importers and exporters rushed container ship deliveries through the ports before the deadline. Although past dock strikes have frequently been ended by Taft-Hartley injunction, the Carter Administration has pledged to keep hands off for the moment to allow the free collective-bargaining process to work. If there is no quick settlement, the I.L.A. threatens to extend the strike to other types of vessels besides container ships. Oil tankers, which haul the nation's biggest import, would not be affected (no longshore labor is required...