Word: trades
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Dates: during 1960-1969
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Chief source of the current trade problem is the U.S. economy's galloping inflation, which prices U.S. goods out of foreign markets and attracts imports to meet internal demand. Last year the U.S. inflation rate outpaced that of most other big industrial countries. With U.S. prices rising most recently at the rate of 4.8% a year, highest since the Korean War, imports jumped by 19% during the first quarter of this year even though 16% of U.S. factory capacity stood idle...
Well aware that the U.S. trade plight may only strengthen the protectionist mood in Congress, 16 industrial countries* last week offered some extraordinary help. They volunteered to speed up a portion of their scheduled Kennedy Round tariff cuts while allowing the U.S. to delay its own cuts. This tariff advantage would give the U.S. trade balance a lift through 1969 estimated at $300 million...
Soft in the Middle. Like an aging athlete whose stomach muscles have turned to flab, U.S. trade shows a soft middle. Exports consist heavily of raw materials (coal, grains and soybeans, for example) and the high-technology output of the world's most research-minded corporations (computers, aircraft, electronics). Between those extremes, chronic trade-balance weakness is suffered by at least 122 manufacturing industries. Among them: steel, paper, food-and-drink, glass, textiles, apparel, lumber, leather, shipbuilding, autos, watches and sporting goods. In 1-966, those 122 provided 35% of the nation's industrial jobs, but they...
...reason is that the 625 largest U.S. companies account for more than half of the nation's industrial exports. To encourage smaller firms to hunt for overseas business, the Commerce Department has been revving up official trade missions. Last week some 40 U.S. executives hustled to Sydney and Melbourne with the help of Pan American to search for orders for everything from automatic controls to waste-disposal systems. "We can't sit on our duffs and wait for this business to come to us," said Chairman John R. Kimberly of papermaking Kimberly-Clark. Such efforts...
Diminished by Self-Discipline. Although industry is far from blameless, many of the nation's gravest trade ailments have been concocted in Washington. The trouble consists of federal deficits, easy tolerance of wage increases that outstrip rising productivity, and the pursuit of economic growth at the expense of stable prices. Even so, the U.S. still has the world's largest and most efficient economy, along with an impressive lead in finance, marketing and much technology. If the nation has the self-discipline to bring its inflation-bent economy under control, the worst of its difficulties with foreign competition...