Word: protectionists
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Unreasonable exchange rates, which now mean a cup of coffee costing $2 in Geneva or a hotel room $100 a night in Tokyo, increase the danger of protectionist trade wars as everyone runs to shield his market against low-priced U.S. competition. The Tokyo Round of trade talks, which has been dragging on for four years, is in danger largely because of the dollar. Finally, global inflation is being fired anew. Uncertain what the value of a product will be even a few weeks from now, both exporters and importers raise prices a little more to ensure against a possible...
...month huddled in Washington with congressional leaders in an effort to get an interim bill that would delay the duties. To his dismay, he found the mood on Capitol Hill running so strong against freer trade that he feared the bill would be either killed or encrusted with various protectionist amendments. He reported this to the Europeans and received the rocket from Haferkamp...
Fearing a protectionist backlash, and pressured by the U.S., the Japanese government in April issued an "administrative guidance" calling on producers of steel, TVs, autos, watches and cameras to try to hold exports to or below 1977 levels. So far, the plan has not been working. Exports to the American market alone jumped by 35% in May. Japan's Economic Planning Agency conceded that the nation will ship out $23 billion more in goods than it will bring in this year, and in the process pile up a whopping $9.5 billion surplus with...
...billion for oil imports. In this year's first four months the gap was $12.5 billion, vs. $7.6 billion for the same period last year. These imbalances have shrunk the value of the dollar overseas, fed inflation at home, cost jobs and raised demands for self-defeating protectionist legislation...
...slump, which has enabled holders of West Germany's mark, Switzerland's franc, Japan's yen and other strong currencies to buy a piece of the U.S. at bargain prices. More important, in the new economic climate of high-energy prices, sluggish international growth and protectionist trade sentiments, the U.S. appears to be the country best suited to ride out the tempest. It also seems the nation least vulnerable to the terrorism that is ravaging Italy and haunting West Germany, or the political unrest that is polarizing Canada and spreading like a plague through the underdeveloped nations...