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...monetary crisis through upward revaluation of major foreign currencies and probably a formal devaluation of the dollar. More realistic currency values would tend to lower the world price of U.S.-made goods; as a necessary part of any monetary deal, the Administration should promise unequivocally to remove the 10% import surcharge. That solution would not mollify protectionists, but it would please some of their reluctant allies who are properly concerned about the startling deterioration in the U.S. trade balance. The Administration also could expand training assistance to workers who lose their jobs because of imports. Peterson promises proposals...
...Burns has told President Nixon that an agreement is urgently needed to prevent a world economic slowdown. Foreign Policy Adviser Henry Kissinger has privately warned that Connally's abrasive tactics may invite foreign diplomatic reprisals. Trade Adviser Peter G. Peterson has begun to recognize that the 10% import surcharge, which was his idea, offers less and less bargaining leverage for the U.S. the longer it continues...
...Kosygin. There, and in subsequent discussions throughout the week, the Russians asked to be accorded "most favored nation" status by the U.S., a move that would give Russia the same low-tariff access to American markets that other U.S. trading partners enjoy. Kosygin also suggested that the U.S. Export-Import Bank extend Russia the same easy credit arrangements offered to other nations. American refusal to grant credit and the Soviet Union's dearth of hard currency have long limited Soviet trade with...
...Chile last year and has spawned a predominantly leftist front in Uruguay, where elections were held early this week. Both movement are strongly nationalistic and directed to a large degree against foreign investment. ANAPO, using the same technique, calls for a state takeover of all mineral wealth, the import-export trade and the banking system. A probable target might be some of the $700 million private U.S. stake in Colombia, half of it in oil. But Rojas Pinilla himself does not openly oppose foreign investment...
...Nixon look in American foreign policy is basically responsible. Sensing a trend, a pretty young thing called Veronika Yhap put aside her work as a hospital planner and became a Dragon Lady-one of four, in fact, who banded together under that name to import Chinese-manufactured clothing and handicraft. Born in Shanghai but educated in the U.S., Veronika found a host of potential buyers around Manhattan shops after she showed clothes from her own wardrobe. "The response was fantastic." she says, "and we were in business before we knew...