Word: surtax
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Dates: during 1970-1979
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...result of President Nixon's wage-price freeze, 10% surtax on imports and suspension of the dollar's convertibility into gold, both the domestic economy and the world monetary system remain dominated by an uncertain blend of international politicking abroad and hopeful but guarded confidence at home. Some of the week's developments: THE ECONOMY. With the first rush of excitement subsiding, businessmen and consumers began looking for signs of the impact that Nixon's new program was having on the economy. The New York Stock Exchange's Dow Jones industrial average, which had soared...
...gold. The participating nations make up the main trading partners of the International Monetary Fund, which meets in full session in Washington beginning Sept. 27. Participants will probably get some hint of an answer to the question that intrigues them most: How long will the "temporary" 10% U.S. import surtax remain in effect? Nathaniel Samuels, U.S. Deputy Under Secretary of State for Economic Affairs, is rumored to be suggesting that the surtax might not be removed until after the 1972 election. In that case, the job of monetary reform might be a long one. Few nations would be willing...
Substantial Realignment. Much of the caution in the world's money markets is a consequence of increasing uncertainty over just how long the Administration will keep the 10% import surtax in effect...
...traded at an increase of 5% to 7% over the old rate, but just where it will settle is still uncertain. Japanese officials noted that the flotation was only a temporary measure, but U.S. importers were already predicting that the higher yen rate on top of the 10% surtax could effectively close the American market to Japanese steel and most consumer goods...
Nixon is using the surtax as a lever not merely to force the U.S.'s major trading partners to float their currencies but to make sure that those currencies float substantially upward...