Word: imports
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Even as the economy quickened, though, a major problem was looming offshore: a $145 billion U.S. trade deficit. The prime cause for the yawning gap between exports and imports was the strong U.S. dollar. American businesses found it increasingly difficult to compete in foreign markets because their wares were too expensive. At the same time, low-priced imports pummeled U.S. industries at home. The trade imbalance held back the economy and raised protectionist fervor to a level not seen since the Great Depression. More than 200 anti-import bills surfaced in Congress, including measures to keep out shoes and textiles...
After denouncing import quotas as "ineffective and extremely expensive," President Reagan pledged in September to create a $300 million war chest to help U.S. companies finance exports. Treasury Secretary James Baker met with finance ministers and central bankers from Japan, Britain, France and West Germany at New York City's Plaza Hotel and agreed to help bring down the runaway dollar. Prodded by Government intervention in foreign-currency markets, the dollar by December had declined 18% from its peak in February...
...imposed an economic austerity program as tough as any the IMF might envision. In his first month in office, he froze prices of consumer goods and rents indefinitely and devalued the sol by 12%. The result: a decline in the annual inflation rate from 192% to 30%. He slapped import restrictions on food and luxury goods and raised the minimum wage by 50%, to about $40 a month, giving teachers a 22% hike and other government workers...
...trading partners. Later, Nakasone, speaking in both French and English before the Canadian Parliament, decried what he saw as a rising tide of protectionism. Likening international free trade to "a fragile porcelain doll," the Prime Minister went so far as to concede that Japan should be more open to imports. Officials of both countries later revealed that Tokyo had agreed to work toward the elimination of import tariffs on Canadian computer parts and semiconductors...
...interest payments. In spite of having increased revenue and reduced expenditures, the load of the interest on the debt has us traveling a vicious circle. If we could reduce the debt-service burden, we would be strengthening the balance of payments and that would give us greater capacity to import--and most of our imports are from...