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...last week reaffirmed his opposition to the bill. Said he: "This protectionist legislation would impose tremendous costs on consumers . . . and U.S. business. It must not become law." He met with 35 Congressmen to ask for support to sustain his veto. One danger of such a bill is that American import restrictions would provoke its trading partners to take similar actions, hurting U.S. exports. The Administration is not ignoring the industry, however. Last week the U.S. Government agreed to renew for five years an important international pact that governs trade in textiles. The so- called Multi-Fiber Agreement expands import controls...
...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...
...excessive trade surplus" with the U.S. through vaguely defined unfair practices. The aim of the talks would be to reduce the trade imbalance 10% annually in such a case. If no agreement was reached, the White House would have to retaliate, for example, by raising tariffs or tightening import quotas. Clearly aimed at such countries as Japan and South Korea, the House bill is roundly opposed by the Administration, but a similar bill is now on the Senate agenda...
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...
...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...