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Tariffs and Subsidies Blame for Trade Deficit
The 1971 U.S. merchandise trade deficit, the first since 1888, is blamed on tariffs subsidies and currency imbalances. France Italy and England devalued their currencies creating easier terms for devaluers and harder for competitors. Productivity and investment lag behind rivals, while U.S. wage costs rise and plants age. Solutions lie in modernization and balanced costs within a fair global context.
MENTIONED IN THIS ARTICLE
John Cunniff
New York
United States
U.S
France
Italy
England
Japan