Word: tradings
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Dates: during 1980-1989
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When the spotlight shone on Seoul, Americans focused their attention on the efforts by U.S. Olympians to outpace rival athletes from other nations. But there is another form of international competition that the U.S. is unquestionably losing, and it is no game. America, once the perennial champion of world trade, now seems in danger of dropping out of contention. In one industry after another, American companies have lost their lead to foreign competitors that are more innovative, efficient and responsive to the needs of consumers...
...stark facts are revealed each month in the trade-deficit figures. Despite recent improvement, the U.S. still imported $80 billion more in goods than it exported in the first seven months of the year. At the current rate, the 1988 trade deficit will total some $130 billion, 23.5% less than last year's record $170 billion. That progress has resulted primarily from the 40% drop of the dollar against major currencies since early 1985, which has made imports more expensive and U.S. exports a bargain overseas...
Considering the size of the dollar's decline, the improvement in trade figures has been surprisingly small. The sad truth is that American industry simply is not in good enough shape to take advantage of the weak dollar. Many companies have trouble matching the quality of products from abroad. Other firms are running into production bottlenecks because they have skimped on investment. Some industries have been virtually wiped out by foreign competition: the share of the U.S. consumer electronics market held by American companies has plunged from almost 100% in 1970 to less than 5% today. When the Japanese started...
...easy explanation, and the one that Michael Dukakis has been hinting at with his economic nationalist talk, is that U.S. companies are the victims of unfair foreign trade practices. Japan, in particular, is accused of erecting barriers against American imports and of "dumping" products in the U.S. at prices that are below the cost of manufacture. The only response, the argument goes, is to protect American industry with quotas and higher tariffs...
Both groups regrouped on the steps, and proceeded to trade character smears. The Bush people opened up with "Dukakis--Socialist!" and the Dukakis enthusiasts yelled back "Bush-Noriega!"--countered by "Dukakis-Ortega...