Word: brazill
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...average American family's annual clothing costs by $750 in a decade. While the House vote fell short of the two-thirds needed to override the veto, the U.S. textile industry still hopes for an eventual success. Developing countries deplore the bill. "How can the American government justify asking Brazil or other countries to open their economies when the U.S. is closing its own?" asks Adimar Schievelbein, a consultant to the Brazilian shoe industry...
...Brazil the oil shock strikes just as President Collor de Mello's radical anti-inflation regime, which includes a tight monetary policy, is beginning to show results. Inflation, which hit 73% a month before the plan took effect last March, has cooled to less than 13%. Government officials predict that Brazil will lose $3.3 billion because of higher oil costs and loss of exports through 1991. If prices stay at $25 per bbl., next year's energy bill will grow $2 billion. As a result, Brazil may not resume payments on its foreign debt of $115 billion...
...slash high tariffs over the next five years. The move effectively ended an indulgent era of high tariffs and import quotas, during which duties ranged up to 105% and imports of 1,200 goods were prohibited outright. Still to be tackled is the thorny issue of foreign debt. Since Brazil stopped payments, arrears of $7 billion have accumulated, taxing the patience of creditors...
...Brazil's fractious Congress has moved quickly to capitalize on the slippage in public enthusiasm. In July it approved an inflationary wage-indexation program that calls for monthly upward adjustments of salaries. The President, whose tiny National Reconstruction Party has only a handful of congressional seats, has vowed to veto the bill, a move certain to be unpopular. To avoid a backlash at the polls two months from now in congressional elections, the government will offer low-income workers a onetime wage bonus. Following through on the rest of his program will depend heavily on the returns from those elections...
...WORLD: Brazil's Fernando Collor de Mello tries the most radical economic reform ever -- but struggles to make it stick...