Word: trade
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Dates: during 1950-1959
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While the nation's dollar reserves have plunged from $225 million to around $150 million, its trade deficit has soared to $186 million; its national debt is up to $800 million, and one-fourth of the labor force is out of work or underemployed. Garcia himself insists placidly, lighting a Chesterfield with a gold lighter, that "things are about back to normal...
...many Britons eager to try again in the phantom hope of restoring a big Chinese trade, British Labor M.P. Harold Wilson, recently back from Peking and a two-hour interview with Premier Chou Enlai, last week reported a significant new bob and duck in the interminable reeling and trolling of the Communist line...
...sure bulwark against Asian Communism. He even argues that the U.S. ought to underwrite a $700 million to $800 million fund to make sure that Japan, rather than Communist China, wins economic leadership of Southeast Asia. Yet six weeks ago, when a "private" Japanese delegation signed a $196 million trade pact with Red China. Kishi gave the deal his blessing. Nor did he boggle at the key condition extracted by Peking: establishment in Tokyo of a Chinese Communist trade mission with quasi-diplomatic privileges, including the right to fly Red China's five-star flag over its headquarters...
...others did boggle. Nationalist China called it the first step toward full diplomatic relations between Tokyo and Peking, and retaliated by slapping a boycott on Japanese goods, thereby trying to force Japan to choose between the chancy Red barter deal and its solid trade with Formosa ($149 million last year). And so began the battle of the flag...
...with a foot in the door, the Russians next asked for a trade pact and consular agreement. Again under political pressure at home, Adenauer sent his bargainers back to the table. Last week in Moscow, after nine months of sparring, the Soviets and West Germans announced a new agreement. Once again the Soviets appeared to have got more than they gave...