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...result of President Nixon's wage-price freeze, 10% surtax on imports and suspension of the dollar's convertibility into gold, both the domestic economy and the world monetary system remain dominated by an uncertain blend of international politicking abroad and hopeful but guarded confidence at home. Some of the week's developments: THE ECONOMY. With the first rush of excitement subsiding, businessmen and consumers began looking for signs of the impact that Nixon's new program was having on the economy. The New York Stock Exchange's Dow Jones industrial average, which had soared...
...gold. The participating nations make up the main trading partners of the International Monetary Fund, which meets in full session in Washington beginning Sept. 27. Participants will probably get some hint of an answer to the question that intrigues them most: How long will the "temporary" 10% U.S. import surtax remain in effect? Nathaniel Samuels, U.S. Deputy Under Secretary of State for Economic Affairs, is rumored to be suggesting that the surtax might not be removed until after the 1972 election. In that case, the job of monetary reform might be a long one. Few nations would be willing...
Like the wage-price freeze, the strike has caught many people in an unexpected and vulnerable position. Says Charles Nevil, whose Los Angeles import-export firm deals in swimming pools: "I have paid for a lot of equipment, and now I have to pay storage charges to the Port of Los Angeles. Meanwhile, I've had cancellations on some orders." But while import-export firms bear the brunt of the strike, its effects reach far down into the U.S. economy. "We had one good order from Japan for electrical goods made by a St. Louis firm," says San Francisco...
...more important in terms of long-range relations between the U.S. and Latin America will be Washington's response to the wave of nationalism now sweeping the continent and to the expropriation of U.S. companies. The U.S. avoided a confrontation with Peru over I.P.C. and is now working out an agreement. Recently, however, U.S. policy has taken a harder line toward any country that expropriates American property and fails to promise "prompt and adequate compensation." The chief spokesman for that point of view is Treasury Secretary John Connally. He had the U.S. pointedly abstain from voting for World Bank...
Substantial Realignment. Much of the caution in the world's money markets is a consequence of increasing uncertainty over just how long the Administration will keep the 10% import surtax in effect...