Word: ottawas
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CANADA is acutely vulnerable to Washington's economic twitches. Fully 13% of Canada's nearly $90 billion gross national product depends on exports to the U.S. Ottawa estimates that the 10% surcharge, if it is maintained for a year, will cost the country $900 million in exports and 90,000 jobs-the equivalent of 900,000 in the U.S. Yet unemployment was already running at 6.5% or 455,000 jobs, a higher rate than in the U.S. In Trudeau's words, Canada stands to be "more hurt than any other country" by Washington's trade moves...
Washington of course denies any such intent, although U.S. officials do concede that Canada was hit by a truck that was heading elsewhere-namely to Japan and Western Europe. For his part, Trudeau has turned aside suggestions from the opposition New Democratic Party that Ottawa slap a retaliatory export tax on natural gas, oil and minerals needed in the U.S., or restrict dividend payments to U.S. parent companies. He has settled on a milder response: a bill, passed by Parliament two weeks ago, setting up an $80 million kitty to aid hard-hit firms in maintaining their employment rolls...
When the surcharge is finally lifted, Canada stands to benefit from both a pickup in the U.S. economy and the revaluation of other currencies, especially the Japanese yen. Of far greater concern to Ottawa at the moment are two Nixon Administration bills that passed the House of Representatives last week: an investment tax credit of 7% for companies buying equipment made in the U.S. and a bill setting up a Domestic International Sales Corp. DISC, as it is called, would give U.S. companies generous tax benefits to produce items for export inside the U.S., thus eliminating any incentive to expand...
...demand for health care is rising faster than the supply-that has long been obvious. Now the dimensions of the gap have been measured, and found to be immense, by a leading South African medical educator. In a book to be published this week in time for the Ottawa meeting of the World Medical Association, Professor Isador Gordon of the University of Natal concludes that present efforts to meet the crisis merely by training more doctors are likely to fail...
...knocked the pins out from under the non-Communist world's monetary system. Foreign government leaders, many of whom were on vacation, went scrambling to salvage some order out of the enveloping chaos. Canadian Prime Minister Pierre Trudeau broke off a holiday cruise off Yugoslavia and returned to Ottawa to assess the impact of the Nixon moves. On the French Riviera, French Prime Minister Georges Pompidou cut short his vacation to hurry back to Paris for emergency meetings. In Tokyo, hasty phone calls summoned traveling Japanese Cabinet members back...