Word: slash
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...failure but, in its way, an astonishing success. It brought the world to the brink of a deal that seemed unimaginable before Reagan and Gorbachev arrived in Iceland: destruction of all intermediate-range nuclear missiles in Europe and a radical reduction of their number in Soviet Asia; a 50% slash in the superpowers' long-range ballistic missiles in five years and their total elimination after five more -- to name only the most striking elements of the bargain that was almost struck. Now that these proposals have been made, the U.S. says they cannot be withdrawn, and the American side will...
Overseas, the governments of Britain, West Germany and Japan all expressed strong public support for Reagan's stand at Reykjavik. Japanese Prime Minister Yasuhiro Nakasone chose to stress the progress made toward an agreement that would slash the number of Soviet SS-20 missiles targeted on his country rather than the failure to conclude the deal. Said Nakasone: "This progress . . . was made possible first of all by the unity of countries in the Western camp...
...American industry, faced with relentless pressure from Japan and other Asian industrial countries, inevitably washed up? Can the U.S. slash its record trade deficit without further depreciating its currency and building higher barriers to imports? New books by two veteran American journalists contain widely differing reflections on these pressing economic issues of the '80s. According to David Halberstam's The Reckoning (Morrow; $19.95), the U.S. has every reason for pessimism about its industrial future. But Robert Christopher's Second to None: American Companies in Japan (Crown; $16.95) presents an argument for pragmatic optimism: many U.S. companies are competing on their...
...James Baker prompted a new dip in the dollar's value last week by declaring that the currency may have to come down further to force a shrinkage of the trade deficit. If the greenback were to fall another 15% against all currencies, Economist De Vries figured, it would slash about $50 billion from the deficit. One reason: foreign manufacturers would finally be compelled to push their prices up substantially on goods sold in the U.S. The rise in import prices would fuel a slight increase in the American inflation rate, the economists said, but not enough to outweigh...
Enter Ronald Reagan, voicing his rage against the tax system during the 1980 campaign. But the new President at first wanted not to reform but simply to slash. In the process, however, he unintentionally helped boost the case for reform. When he sent his three-year, 25%-rate-cut plan to Congress in 1981, the Administration got trapped in a bidding war with Democrats led by, among others, Rostenkowski. So many breaks for business were loaded into the bill that it became a monstrosity. To take the worst example, real estate profited so enormously that a 1983 Treasury study concluded...