Word: embargoed
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South Korea's growing but still fragile economy needs the foreign exchange and bargaining clout that the contracts bring. Totally dependent on imported oil and relying heavily on trade with Japan, South Korea's 35 million people suffered badly from the 1973 Arab oil embargo. The slackening pace of Japan's economic growth also contributed to a South Korean trade deficit of $2.4 billion in 1974. But largely as a result of what Businessman Choi calls the kiri-komi (swashbuckling assault) on the Middle East, South Korea's trade deficit for the first quarter...
...bitter experience came with the recession. Sales of synthetic textile fibers, which account for more than a third of Du Pont's volume, soared well into the recession year of 1974, spurred by a shortage mentality created by the Arab oil embargo. A Du Pont joke at the time was that if this is what recessions are like, bring on more. But then the buying stopped, and Du Pont and other manufacturers realized that they had built heavy overcapacity and were vulnerable to sharp price cutting. Result: Du Pont's earnings fell 33% in 1975. This problem...
Perhaps most interestingly, the platform specifically calls for the end to the relaxation of the arms embargo against South Africa and prohibits the granting of U.S. tax credits for companies doing business in Namibia and paying taxes to South Africa. And it calls for the repeal of the Byrd Amendment which permits the importation of Rhodesian chrome. I asked Rep. Shirley Chisholm if she believes that Jimmy Carter would live up to the party platform principles on Africa. She said she believes he very clearly embraces these principles, and that no president has ever done as much as Jimmy Carter...
...Rhodesia. He also discussed the possibility of resettling white Rhodesians in Western Europe and South Africa, perhaps with American aid. For his part, Vorster sought to prevent the isolation of South Africa and win acceptance for its policies. In particular, Pretoria would like an end to the U.S. arms embargo and the granting of Export-Import Bank loans...
Rascally they may be, but the privateersmen are providing the embargo-ridden American economy with badly needed supplies and giving employment to thousands of Americans thrown out of work by the British blockade. Privateering was legalized throughout the Colonies by the Continental Congress only this past March, and today the privateer fleet already totals 136 ships with 1,360 guns-far outnumbering the Navy's 31 vessels and 586 guns. Of the nearly 50 British ships captured since last November, the large majority have been seized by privateers. So privateering is becoming big business (it is estimated, for example...