Word: importance
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Dates: during 1970-1979
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...might increase Soviet exports to the U.S. by $10 million to $25 million a year −a considerable addition to Soviet shipments to the U.S., which in 1972 were only $95.5 million. But restrictions on credit assistance could have a much more serious economic impact. This year the Export-Import Bank of the U.S. has financed $250 million in American shipments to the Soviet Union. Cutting off the flow of credit would crimp industrial exports to the Russians and upset plans for the joint exploitation of Siberian gas and other Soviet resources...
...Arab oil squeeze has hurt Japan far more than any other major industrial country. After the U.S., it is the largest petroleum consumer in the world. Unlike the U.S., however, Japan must import all of its oil. About 84% of it comes from the Middle East: 43% from Arab nations and the rest from Iran. Thus, Japan was an obvious target when Saudi Arabia and the sheikdoms decided to turn off the pipeline spigots. Being forced to change its traditionally neutral policy in the Middle East toward a pro-Arab stance was particularly humiliating for a nation in which saving...
Forget the fact that Nixon has overseen the systematic denial of Export-Import Bank credits to countries whose domestic policies seemed unseemly to him. Ignore the convulsions in Chile induced by two years of U.S. economic poisoning. Nixon's explanation still rings false. The crisis would be here even if it weren't for the fact that the Arabs had picked up a few ungentlemanly American tricks. Even Nixon's handpicked energy czar, William Simon, says that the Arab embargo is only a convenient focal point, a catalyst that has speeded things up a bit but not changed the basic...
Since World War II, Chile has obtained 65 per cent of its capital imports from the United States. An immediate problem posed by the credit blockade was Chile's inability to import parts and replacements for U.S.-built machinery. Small industries and transportation were the most heavily affected but the larger industries also began to feel the scarcity...
When Allende nationalized U.S. business, the United States adopted a hard-line policy and cut off all credit from the Agency for International Development and the Export-Import Bank (Eximbank), as well as from U.S.-controlled international organizations, the World Bank and International Development Bank. As soon as these institutions withdrew their support for the Chilean economy, private U.S. and European banks withdrew credit for the short and medium-term loans which are necessary to normal import-export transactions...