Word: imported
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...Export-Import...
Undoubtedly, what has administration officials so up in arms is not the philosophical, but the practical import of the studies. Despite record defense expenditures, military officials ranging from the Joint Chiefs of Staff to officers in the field have recently testified that the U.S. Armed Forces are I sufficiently equipped to conduct sustained conventional warfare. These criticims are a large political embarassment to the "get tough" Reagan team, already facing Congressional opposition to proposed defense funding increases. The relative preparedenss famine in times of Pentagon plenty must be attributed in large part to inordinate expenditures on nuclear over conventional forces...
...fundamental issue is that Nigeria is a single-export economy. Oil accounts for more than 90% of our foreign exchange earnings. We earn dollars because of the OPEC pricing system, but we are suffering now because we produce less and sell the oil at lower prices. We must import only goods that are basic and essential to our economy. A lot of emphasis has been put on agriculture. Because of the shortage of food in the country, people are going back to the land. We have taken stock of our debts and redone the budget. We tried to cut expenditures...
...strong dollar is a mixture of both pluses and minuses. On the positive side, it not only creates travel bargains but also lowers the cost of Italian clothes, Japanese cars and everything else that Americans import. Although the resulting flood of foreign goods has helped to create a yawning U.S. trade deficit, the cheap imports have done much to hold down prices. As the dollar's value swelled in 1981 and 1982, inflation fell from roughly 9% to 4%. "About half of that drop can be attributed to the strong dollar alone," says John Paulus, Chief Economist for Morgan...
...President has 60 days to decide what to do. Reagan is philosophically opposed to protectionism, but he may agree to import curbs rather than risk losing votes in big steelmaking states such as Pennsylvania and Ohio. The quotas, however, would limit the supply of steel in the U.S. and thus raise its price. That, in turn, could hurt all consumers by driving up the prices of a wide range of products...