Word: surpluses
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...concluded a deal that was revealed early last week. West Germany will lend the U.S. an additional $2 billion worth of deutsche marks that Washington can use to buy up surplus dollars on the exchange markets. That doubles the Treasury's line of credit at the West German central bank in Frankfurt. In addition, the U.S. may sell $740 million worth of IMF Special Drawing Rights ("paper gold") to the Germans for deutsche marks, and it proposes to borrow as much as $5 billion of foreign currencies from the IMF. That $5 billion credit already existed. Hence...
...effort to reduce Japan's burgeoning trade surplus, a 91-man Japanese trade delegation was scouring the U.S. last week looking for U.S. products to import. So far, the Japanese visitors have spent $1 billion on raw materials plus another billion on finished goods ranging from home furnishings to machine tools to fur coats. To help the U.S. sell more abroad, Delegation Chief Yoshizo Ikeda, the chief of Japan's huge Mitsui trading firm, offered Washington the use of a Japanese ship, which he and other successful exporters use as a floating trade fair...
...dollars in foreign hands. Last year the U.S. spent an estimated $19.5 billion more than it received in all "current account" transactions (trade in goods and services, tourist outlays, weapons exports) with foreigners, an abrupt turnaround from two years earlier, when the U.S. racked up a towering $11.6 billion surplus, caused in part by a drop in imports during the recession. The massive swing back into deficit, which began early in 1976 and has accelerated ever since, has added to a pile of dollars owned outside the U.S. that is estimated to total anywhere from $300 billion to $400 billion...
...part of the reason that the transatlantic debate over the dollar has turned into a dialogue of the deaf. Since early last year, Washington has been urging Bonn to expand its economy and bring its growth rate up to the U.S. level. If West Germany did that, its trade surplus would shrink and the deutsche mark would cease its inexorable rise against the dollar. When Administration officials charge that West Germany's refusal to cooperate really amounts to an effort to have things both ways, they have a point. By refusing to pump up its economy, and choosing instead...
...curtailing the import of raw sugar before the Jan. 1 deadline. While the Administration delayed closing the loopholes for ten weeks, foreign sugar flooded the U.S. In December alone, nearly 2 million tons of sugar was imported, about six times the normal amount. With warehouses still bulging with surplus sugar, prices are expected to be depressed for months, a fact that may make housewives smile but is of no solace to the still beset U.S. sugar grower...