Word: tradings
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Dates: during 1980-1989
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Regan had long ignored allies' complaints about the U.S. budget deficit and concerns at home about an overvalued U.S. dollar that had led to a dismal American trade deficit. Baker reversed that stance with the September 1985 Plaza accord, a five-nation cooperative attempt to hasten the dollar's decline. Baker tried to use the dollar's continuing fall as a diplomatic tool. His aim: to chivy West Germany and Japan into expanding their domestic economies, while counting on the U.S. currency's drop in value to start reversing the ugly trade figures...
...participants are in the waning stages of their elected tenures. There is also worry about lameness of another kind, a fear that the heads of the world's leading industrial democracies may be powerless to make the kind of daring compromises demanded by a perilous imbalance in world trade and by the threat of global recession. Indeed, there are plenty of signs that a gondola ride through troubled waters lies ahead for the leaders of the U.S., Japan, West Germany, France, Britain, Italy and Canada when they gather in Venice for their 13th annual economic summit next week...
...leaders is the rising potential for global recession along with a painful end to five years of sustained economic growth. To help prolong that expansion, the leaders must try to make stronger commitment to resist the lure of protectionism, which is beginning to cast a dangerous pall over world trade. Another summit priority will be taking further steps to ease the international debt crisis, which is simmering once again with the decision by Citicorp and other big U.S. banks to set aside billions of dollars for anticipated Third World loan losses...
Less pleasant sensations may come when the leaders contemplate the wilting international economy. Growth in the industrial world this year is expected to be a limp 2%, down from 2.5% last year. The rate of expansion of world trade is also expected to slow to 2.5% this year, down from about...
...heart of the slowdown is the world trade imbalance, in which the U.S. figures so crucially. Washington's trade deficit last year was $170 billion, in contrast to $149 billion in 1985 and $9.5 billion a decade ago. Japan and West Germany, on the other hand, piled up surpluses of $101 billion and $63 billion respectively last year. But there are glimmers of hope. The decline of the U.S. dollar by roughly 20% against other major currencies during the past 18 months has started to ease the American deficit somewhat. One especially heartening sign: the U.S. trade deficit...