Word: traded
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Dates: during 1950-1959
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Although Red China law strictly forbids the export of antiques, the Communist government itself conducts a thriving, surreptitious trade in ancient objets d'art. It does so through an organization called the Peking Arts and Crafts Co., which commands high prices for bronzes and porcelain slipped out to selected dealers in Hong Kong and Europe. Included last week in the latest selection of mainland art wares showing up in Hong Kong shops was a sizable portion of loot from Tibet. For $50 and up, customers could choose from dozens of gilded bronze temple statues of Buddha, silver Tibetan chalices...
These figures are the latest and sharpest reminder of the steady erosion in the once dominant U.S. trade position around the world. As the industrial plants of West Europe and Japan (see below) become larger and more efficient, often by adopting U.S. methods and automation, competition for world markets grows tougher by the day. The U.S. is being challenged in some of its prime markets, notably in Latin America, by everything from foreign-made appliances to agricultural machinery...
...responsible economist predicts a serious or sustained U.S. trade imbalance ahead. But no one foresees the big, fat trade surpluses that the U.S. long enjoyed -$6.5 billion as recently as 1957. At best, says Under Secretary of State C. Douglas Dillon, exports will rise $1 billion in the next year, led by lower-priced U.S. cotton and the new jets. These new realities of world trade have moved the Administration to take a sterner view of foreign nations that still jealously preserve high tariffs and import quotas against dollar goods long after the need is past. At next month...
...Japanese emphasis on precision and heavy industrial products? Much of it stems from pressure by U.S. producers, who have forced Japan to clamp quotas on its lighter, less complex exports, e.g., textiles, tuna, stainless steel flatware, umbrella frames. The insular Japanese live or die by trade. Particularly must they export to the U.S.; last year their imports from the U.S. ran 55% ahead of their exports. Thus they have decided that if the U.S. tightens one market, the way to compete is simply to turn to another...
...Japanese trade interests in the U.S. will be represented by Thomas E. Dewey's law firm under a one-year $100,000 contract signed last week. Dewey is expected to help fight moves to curb Japanese imports...