Word: tradings
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
Faced with those potential calamities, Congress has labored for months on the trade legislation. The main thrust of the bill is to require that the President act against countries that put up unfair trade barriers against American products. In the past, the White House could ignore findings by the International Trade Commission, a Government agency, that U.S. industries were being hurt by foreign competition. Under the terms of the trade bill, the President would have less latitude to disregard the commission's recommendations that these industries be given import relief. The bill would also require that the White House launch...
That would not upset the many economists who argue that the bill would invite retaliation from other countries. Says Tim O'Dell, senior international economist for Phillips & Drew, a London-based brokerage firm: "The trade bill is not going to help rid the U.S. of its trade deficit. If anything, it is likely to slow world trade and hurt the growth prospects of the U.S." Opponents point out that, besides containing sweeping general provisions, the trade package is loaded with protectionist measures designed to benefit specific U.S. industries or companies...
Most U.S. trading partners were relieved that the Senate did not appear to have enough votes to override a veto. In Japan, the most prominent target of the legislation, officials were delighted. Said Hajime Tamura, chief of Japan's Ministry of International Trade and Industry: "We would like to note our appreciation that more than one-third of the Senate voted against the bill...
Opponents of the trade package contend, and many of its advocates admit, that the bill does not strike at the heart of the trade problem. Simply put, the U.S. is running a huge trade deficit because its economy, plagued by an excess of public and private spending and a lack of saving, is consuming far more goods than its industry can produce. While American exports climbed by 11.5% last year, imports rose nearly as much...
...deficit encourages spending on imports. At the same time, the federal red ink helps keep interest rates high, which discourages investment in the plants and equipment needed to produce American goods that could be exported or substituted for imports. Says Investment Banker Felix Rohatyn: "Whatever we do on trade is a sham, a complete waste of time, unless we begin to tackle the budget deficit...