Word: traded
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Dates: during 1960-1969
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Every year since 1893, U.S. businessmen and farmers have sold enough goods overseas to take in more money than the nation has paid for its im ports. That trade surplus has long been the foundation of U.S. global economic power. Over the past two decades, it has amounted to $79 billion, greatly diminishing the chronic balance of pay ments deficits caused by foreign aid and investment, overseas tourist traffic and military spending...
This year, however, the long-strong trade surplus has shriveled. In March, May and June, the U.S. actually ran trade deficits, which cut the overall sur plus for the first six months of the year to a mere $100 million...
...latest figures on foreign trade have dispelled some of the gathering gloom. The Commerce Department reported that on a seasonally adjusted basis, exports exceeded imports by $282 million in September, triple the meager August surplus. The September bulge lifted the trade surplus for the first nine months of 1968 to $834 million. If the pace continues, predicted Assistant Commerce Secretary William H. Chartener, the U.S. should achieve a $1.5 billion surplus this year...
...would be a considerable improvement over previous expectations of a surplus of $1 billion or less, but it is still no cause for rejoicing. At $1.5 billion, the surplus would fall 63% below last year's $4.1 billion level. It would give the U.S. its worst year in foreign trade since a lengthy steel strike crippled exports...
...however, can be placed on the seemingly insaliable U.S. consumer, who continues to spend despite increased taxes and the inflation-diminished dollar. Over the first nine months of this year, imports gained 31% in clothing, 32% in whisky (mainly Scotch), 49% for radios and television sets. Excluding duty-free trade with Canada, auto imports have soared by 70%, or $430 million. Chartener sums up the whole problem in what has become an almost generic phrase: "It's those Volkswagens...