Word: important
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Dates: during 1980-1989
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...first, though, the decline in the dollar actually boosted the trade deficit. Reason: American importers had already ordered large quantities of foreign goods, which immediately became more expensive in dollar terms as the U.S. currency declined in worth and thus drove up the nation's import bill. As Americans lose some of their appetite for increasingly expensive foreign goods, importers are expected to cut back sharply on their orders. But that trend has been very slow to develop, and TIME's economists do not foresee a significant lowering of the trade deficit until 1987. One reason for the delay...
Even in the Deng era, though, Chinese trade remains encumbered by protectionist regulations. All imports of machine tools, for example, must be approved by a special committee, which determines if the equipment could be manufactured in China. If it could, the import is not permitted. Tariffs can be equally tough: the levy on foreign autos is 230%. At the moment, China is strictly limiting imports because of concern about its trade deficit, which ballooned from $1.4 billion in 1984 to $13.7 billion last year. Moreover, Peking two weeks ago devalued its currency by 15.8% against the U.S. dollar. That could...
...That strength was developed mainly through exports. But Japan's huge trade surplus, which now stands at $61.6 billion, has aroused worldwide calls for trade protection and stirred deep resentment against the increasingly isolated island nation. To halt those trends, Nakasone strenuously urges his countrymen to export less and import more and to produce more goods for the Japanese market...
That sad paradox is repeated, indeed intensified, throughout the black nations of the region. Botswana, Lesotho and Swaziland depend upon Pretoria for all their oil. Lesotho gets all its electricity from South Africa. Almost every export and import of the three countries travels through South Africa. As if that were not enough, Pretoria's official exports within the continent have risen by 40% this year, and promise to reach a record $800 million. Any Western blow against South Africa could amount to a killer blow against many of the so-called frontline states. Warns a South African diplomat in London...
...Africa in the hope of establishing a dialogue between the country's government officials and black leaders. The Europeans also declared that in three months they will decide on "further measures" that might be needed, including a ban on new investments in South Africa and a curb on the import of South African coal, iron and steel, and gold coins...