Word: exportability
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...about the outsize dollar and trade imbalances. That they have to do something, and quickly, is not in any doubt. The U.S. trade deficit, or excess of imports (shoes and shirts from Taiwan, cars, steel, just about anything made in Japan, to cite some particularly contentious items) over exports (farm products, jet planes, computers are major ones), is heading toward a record $150 billion this year. That is nearly four times what it was as recently as 1981. The surge in imports and lag in exports are beginning to hold back the whole economy. Output of goods and services...
...that end, he pledged a sort of export subsidy: $300 million from the Treasury to help U.S. companies match the generous credit terms that exporters in foreign country A, with assistance from their government, might offer to buyers in foreign country B. Reagan also promised to "work unceasingly" to tear down such trade barriers as laws that restrict the sale of U.S. insurance in South Korea and high-tech products in Brazil. He cited world trade treaties that permit highly selective limits on the sale in the U.S. of products from those countries...
...best the gradual devaluation that the U.S. wants to bring about would take a long time to work. Export prices would not drop, nor import prices rise, immediately. When they did, sales would not respond overnight. Some economists believe that 18 months or more would pass before the trade deficit came down markedly--and protectionists in Congress are hardly in any mood to wait that long. Accordingly, Reagan set out last week to convince them that their bitter complaints about unfair foreign trade practices have been heard and are getting action...
...President encouraged Congress to strengthen existing laws against foreign infringement of U.S. patents and copyrights and against "dumping," which is generally defined as the sale of a product in export markets for a lower price than it commands at home; he asked that Congress establish a dumping test that could be applied to "nonmarket" (read Communist) economies. But Reagan did not propose any specific new legislation. The burden of his talk: Yes, there is discrimination against U.S. trade abroad and unfair penetration of the American market, but it is best countered "through negotiation" and administrative action, not blunderbuss curbs...
Shattuck said White House and Pentagon officials are saying they will still try to curtail the export of information. He said he is unsure whether the government will concentrate its efforts on private companies or on foreign travel here...