Word: tradings
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Dates: during 1980-1989
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...economies are more closely intertwined than those of Canada and the U.S. Canada sends fully 77% of its exports to the U.S., while America puts Canadian addresses on 21% of its shipments. Now that tight and sometimes tumultuous relationship stands to become even tighter, thanks to the historic new trade pact between the two nations...
Mulroney is counting on the pact to give a boost to a country that at the moment has a modest surplus in world trade. From 1980 to 1984, Canada's exports surged from $67.7 billion to $90.3 billion, fueled largely by sales to the U.S. of such products as softwood lumber, newsprint, autos and trucks. By 1986, however, exports had slipped to $89.7 billion, partly as a result of a falloff in Canada's revenues from oil sales. Canada had an $11 billion trade surplus with the U.S. last year, but a $5 billion deficit with the rest...
Fears that shipments to the U.S. would be increasingly constricted by trade barriers led Mulroney to propose a free-trade treaty to Reagan during the second "shamrock summit," which took place last year. Reagan, an avowed free trader, embraced the idea. But even as negotiations proceeded, bitter disputes arose. In one case, the Administration bowed to pressure from U.S. lumber companies by slapping a 35% tariff on Canadian cedar shakes and shingles...
While both sides agreed on the goal of free trade, working out the details proved to be maddeningly complex. Just three weeks ago, Simon Reisman, Canada's chief negotiator, stormed out of the talks in Washington and flew home. The major sticking point was agreement on a mechanism to resolve trade conflicts. At Mulroney's insistence, the Canadians returned to the bargaining table, but the wrangling continued until the deadline day. Finally Mulroney's chief of staff, Derek Burney, asked U.S. Treasury Secretary James Baker when would be a good time for the Prime Minister to call the White House...
Everybody knows about that New York garbage barge which took off last spring for the Carribean in search of a small nation willing to trade bananas for several metric tons of hospital waste. But that's nothing compared with New Jersey's efforts to give away its garbage. City managers have sent trucks rolling into rural Pennsylvania in search of an appropriate rock formation on which to deposit their load. Pennsylvanians, to their credit, have been pretty adamant about not taking the refuse. A dozen roses, yes, but they refuse to accept 750 tons of Twinkie wrappers...