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FOREIGN TRADE, a weak sector in the economy last year, will turn into a plus. In 1971, the U.S. imported around $890 million more worth of goods than it exported, running its first deficit in merchandise trade since 1893. But dollar devaluation and foreign currency realignment will cut the export prices of U.S. coal, jetliners, soybeans and other products, while raising the import costs of Japanese cameras, French wines, Italian shoes and similar goods. Exports should surge ahead of imports again by anywhere from $1.5 billion to $3 billion, creating more sales for domestic companies and more jobs for workers...
...Zealand dairymen have long wanted to import Limousin and Simenthal cattle from France. But officials, fearing that hoof and mouth disease (which is indigenous to France) might be imported along with the beasts, have steadfastly refused to allow the entry of any French cattle. There are no such restrictions, however, on English cattle...
...incensed at the trade penalties, since they rely so heavily upon U.S. markets. But the U.S. at year's end struck a good bargain. The deal was taking shape: a shift in the balance of world currencies in exchange for devaluation of the dollar and the dropping of the import surcharge...
...proposal is the creation of more IMF-managed reserves to replace gradually the dollars and gold bullion that are used by non-Communist nations to settle foreign debts. The group also recommended the elimination within ten years of tariffs and quotas on manufactured goods, the reduction of import quotas and subsidies on agricultural crops, and cooperation in regulating capital flows without the use of artificial investment subsidies or restrictions on foreign investment. "It is no longer feasible for the U.S. to assume predominant responsibility for making the system work," noted a report approved by the entire group. "This responsibility...
...IMPORTS of Volkswagens, Yamaha motorcycles, French wines, British woolens and many other goods will cost more. The effect of the currency shifts will be offset somewhat by removal of the import surcharge, and some importers may try to keep dollar prices down in an effort to hold markets. A trade specialist of the Union Bank of Switzerland, however, estimates that "even with the surcharge removed, Swiss watches will be 15% more expensive in America." Certainly not all U.S. consumers will switch to American-made products. Fanciers of Scotch whisky, for instance, are unlikely to opt for bourbon...