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Mr. Lutz agrees that shock and awe are needed, not baby steps, to have a realistic shot at luring back import buyers.
The pact rolled back import fees on Colombian flowers, while allowing U.S. companies to export products such as corn, soybean, wheat and oil to Colombia without paying any tariffs.
Government officials in Islamabad are especially upset that the United States has not rolled back import duties of more than 25percentt on cotton clothing from Pakistan, which would help Pakistani producers offer lower prices and avoid losing sales to manufacturers in other countries.
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The ability of the U.S. economy to increase exports or roll back imports has essentially nothing to do with its success in creating jobs.
The devaluation, which lowered the currency's value against the dollar by nearly a third, was aimed at solidifying government finances and easing a tight market for dollars that has choked back imports and led to shortages of basic goods.
The trade deficit narrowed to $35.1 billion in October, the Commerce Department reported today, though much of the gain was attributed to the effect of the West Coast labor dispute, which cut back imports.
If arms sales fail to make up the shortage this year, the Soviet Union is expected to scale back imports of high technology products rather than resort to more borrowing, the report said.
And he said that these would be relatively small, be cause the bill is not aimed at rolling back imports but rather limiting their growth in some products, specifically textiles, and shoes.
Archives|Textile Bill's Details Spelled Out by U.S. Textile Bill's Details Spelled Out by U.S. Stanley Nehmer, Deputy As sistant Secretary of Commerce, spelled out yesterday what the textile quota bill would do in cutting back imports.
In the last half of the 1980s, for instance, steel output shot up, and American producers began to beat back imports.
If the United States were not still the world's preeminent economic power with the most important currency, the International Monetary Fund would already be ordering President Clinton to balance the federal budget, cut back imports and raise interest rates and/or taxes to repair U.S. accounts with the rest of the world.
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