Abstract
Wait till next year! That famous battle cry of the old Ebbets Field faithful apparently is as hollow today for U.S. international trade as it was for the prospects for the old and colorful Brooklyn Dodgers. Last year, the U.S. was heading for a trade deficit, its first in the century and one, in fact, that did reach $2.1 billion. The deteriorating trade position of the U.S. triggered President Nixon into his now famous Aug. 15, 1971, action, which allowed the dollar to float, imposed a 10% surcharge on imports, and permitted a temporary Buy American tax credit on direct investments. Pressured by these moves, the leading industrialized nations agreed to adjust their exchange rates in the Smithsonian accord of December 1971. Coming late in the year as they did, nobody expected these developments to help the 1971 trade balance. And they didn't. But wait until next year! Well, next year is here and almost ...
Published Version
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call