Word: important
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Dates: during 1980-1989
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...persistent trade deficit has several underlying causes. While the dollar has fallen from its peak by more than 40% against the Japanese yen, it has dropped just 6% in relation to the Taiwanese New Dollar and has actually risen 3% against the South Korean won. In addition, import prices have not risen nearly as much as they were expected to. Typically, when the dollar weakens, foreign manufacturers boost prices of products sold in the U.S. because the money they receive from American consumers is worth less when converted into other currencies. So far, though, prices of imports, not including fuel...
...trade deficit. If the greenback were to fall another 15% against all currencies, Economist De Vries figured, it would slash about $50 billion from the deficit. One reason: foreign manufacturers would finally be compelled to push their prices up substantially on goods sold in the U.S. The rise in import prices would fuel a slight increase in the American inflation rate, the economists said, but not enough to outweigh the benefits of a decreased trade deficit...
Among the provisions in the bill, which was passed by large majorities in both houses of Congress, are a ban on new public or private loans, investments or extensions of credit and an embargo on the import of South African uranium, coal, textiles, iron and steel, arms, ammunition, military vehicles, agricultural products and Krugerrand gold coins. The legislation would also prohibit the export to South Africa of crude oil, petroleum products, munitions, nuclear-energy equipment and computers, and cut off direct air travel between the two countries...
While the Administration was pondering tactics, the Europeans and Japanese finally took action against South Africa after months of discussion. The twelve foreign ministers of the European Community, meeting last week in Brussels, voted to ban new investments and halt the import of South African iron and steel and Krugerrands, as proposed at a summit in the Hague three months ago. But the foreign ministers rejected the most serious proposal of all, a ban on the import of South African coal, as a result of strenuous opposition from the West German government of Chancellor Helmut Kohl. That decision effectively reduced...
...days after the Brussels meeting the Japanese announced a ban on South African steel and iron. But they did not cut off the import of coal and various strategic metals...