Word: importent
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Dates: during 1970-1979
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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...
Saigon's first priority, however, is to get its people-especially those who swarmed into the cities in pursuit of U.S. dollars-accustomed to the idea that the days of easy money and easy goods are over. When the U.S. buildup was in progress, the regime encouraged massive imports (800,000 motorbikes came in during one two-year period) as one way of damping the inflationary effects of the massive influx of U.S. dollars. Two years ago, when the U.S. pullout began, Saigon tried to cut down the flow of goods through heavy import taxes, but the main effect...
...government finally seems to be moving decisively against the import glut. The piaster, long ridiculously overvalued at a rate of 118 to the dollar, was pegged at a more realistic 275 last year; last week it was slashed further. For most transactions, the piaster would be pegged at 410 to the dollar -close to the black-market rate. Simultaneously, a system of varying exchange rates and customshouse taxes was imposed to make necessities like most foods and plant equipment cheaper to import while raising the cost of luxury items like caviar, Hondas and cars...
Freeze Peril. Deprived of cargo from the liners' holds, railroads, truckers and import-export dealers have lost millions of dollars. Shipowners, who were already suffering from a worldwide decline in orders (TIME, Aug. 9), found themselves idler than ever. New York Shipping Broker Theofilos Vatis estimates that North Atlantic freight rates for grain have fallen 20% in the past few weeks...