Word: reagans
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...sunny economic forecast is clouded, however, by a slowdown in international trade, which grew by only 3% last year, after a robust 9% expansion in 1984. Efforts to boost trade this year could be hurt by growing protectionism. In Congress last week, President Reagan barely defeated a challenge in the Senate Finance Committee, when rebellious legislators fell one vote short of the majority needed to block impending negotiations on free trade with neighboring Canada. Meanwhile, the U.S. and the European Community are holding talks in an effort to resolve an argument over restrictions on American agricultural exports to Spain...
Nakasone is acutely conscious of his country's $52.6 billion international trade surplus. While visiting Reagan in Washington three weeks ago, the Prime Minister seemed to promise that Japan would stimulate its economy to boost imports. But at the same time, Japanese officials are trying to bolster the country's exports through intervention in the currency markets. Says Bank of Japan Governor Satoshi Sumita: "We strongly hope the market will stabilize." Despite those politely phrased misgivings, the official Japanese presummit position, from Foreign Ministry Spokesman Yoshio Hatano, is a bland assertion that "the economic conditions in the summit countries...
President Reagan might argue that he was never all that stubborn. At five previous summits, Reagan's charm was an important unifying influence, even when his free-market stands led to ideological splits among the allies. But now that the U.S. has assumed a new, pragmatic role in economic summitry, the Great Communicator may prove to be even more beguiling in Tokyo. --By George Russell. Reported by Jay Branegan and Christopher Redman/Washington
Before leaving for Moscow, the Horowitzes were invited to Washington to meet Ronald Reagan for a presidential "benediction." Traveling with the couple was TIME Correspondent Dean Brelis, who provided this glimpse behind the scenes...
...blue-and white bow tie and a black Borsalino, Vladimir Horowitz sits in a private VIP airport lounge, waiting to board his flight to Washington. His wife Wanda is wearing a new silk dress and a mink coat for the occasion. "It will be nice to meet Nancy Reagan," says Arturo Toscanini's daughter. "Normally, I don't like official bureaucratic functions. My father told me to avoid anything that involves government officials. But since we are going to Russia, I will make this exception...