Word: latinate
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Dates: during 1950-1959
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...Terms of Trade. In volume, trade with Latin America, the U.S.'s biggest supplier and biggest market, is slightly up. What pinches is a 15% slide in the terms-of-trade index from its 1954 peak. Coffee now brings 53½? per lb., down from 70? in 1954; refined copper trembles at 25? per lb., down from 43? in 1955; lead, zinc, tin, wool, hides, wheat and cocoa have all slipped. But such U.S. exports as cars, machinery and structural steel cost as much or more than ever...
...switch came just as many of Latin America's one-product countries reached peaks of discontent. Item: Chile's President Carlos Ibáñez, already badly upset over the low price of his country's all-important copper, last week canceled his scheduled state visit to President Eisenhower after Secretary of the Interior Fred Seaton proposed to restore the long-suspended U.S. copper tariff...
Coffee, the biggest item, is the victim of a growing surplus that Latin American producing nations are fighting by buying up millions of bags and withholding them from the market. The double cost: printing-press inflation to pay the bills, lower dollar income because of the unsold coffee. Brazil's sober O Estado de São Paulo mourned that "even a frost of catastrophic proportions would not solve Brazil's coffee problems." In the same gloomy key, a Uruguayan wool exporter said: "Only another Korean war could save...
Improvise & Stabilize. To make up dollar losses, Latin American nations are improvising desperately. Responding to Red smiles, Chile is exporting copper wire to Communist China, and Colombia is considering sending coffee to the U.S.S.R. in hopes that Russians can be lured away from tea. Imports from the U.S. are being cut back. But everywhere the demand is growing for U.S. help, specifically for price floors...
...docks, and out tumbled a bright pile of costume jewelry from Japan. "Enough trinkets," said a bored customs officer, "to adorn every nanny goat in Patagonia." The jewelry, as the customs officer well knew, would soon be heading north from barren, duty-free Patagonia as a routine part of Latin America's most wide-open smuggling operation...