Word: important
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...practical measures aimed at making the U.S. more competitive in world markets, and of policy directives intended to alleviate Government obstacles to trade. On the practical side, the President ordered a modest expansion of the federal machinery that helps American businessmen sell their goods abroad. For example, the Export-Import Bank, which provides low-cost loans to foreign buyers of American goods, will be given more generous financing. Also, the Small Business Administration has been authorized to advance as much as $100 million in loan guarantees to little firms that engage in exports...
...because much of their profit is returned home in the form of retained earnings ($20 billion in 1977). Yet in a world that still reckons trade on a nation-to-nation basis, the great productivity of the multinationals abroad does not help the appearance of the U.S. import-export numbers...
...consumer is a double victim of the energy problem. First, we are victims of the oil companies with their rigged prices, artificial shortages, bookkeeping juggles, and growing control of all sources of energy. Second, we are victims of the U.S. government, with its blind reliance on the price mechanism (import taxes, natural gas deregulation) to force conservation. Vast amounts of energy consumption are simply built into the system, with interstates, suburbs, glass buildings, etc. The only way to force conservation without penalizing the poor or adding to the corporate coffers is to ration energy...
...numbers of new inventions, its chief economic rivals are expanding their research efforts at much faster rates. One consequence is becoming dramatically clear this year: because the U.S. no longer commands such a high share of the world's high-technology market, it no longer can offset its large imports of low-technology items such as shoes and clothing. As a result, in 1978 the country will import substantially more manufactured goods than it will export. The deficit for the first half of 1978 was $14.9 billion, which will do more damage to the trade balance this year than anything...
...East, partly because West Coast builders have been snapping up supplies. As a result, many projects are stalled, and cement prices are climbing. Some big West Coast suppliers are going as far as Japan and Korea for raw materials. California's big Kaiser Cement and Gypsum Co. plans to import 10% of the materials it needs from Japan this year...