U.S. business last week was given a chance to take a good hard look at the present state of U.S. foreign trade. What it saw was 1) proof of a big wartime accomplishment but 2) the omen of a big peacetime problem.
In 1942, according to figures released by the Department of Commerce, the U.S. exported some $7.8 billions of goods while importing only $2.7 billions. The exports, representing around 70% Lend-Lease shipments of food and munitions, were bigger than in 1917 (see chart) but somewhat smaller than in 1919 and 1920, when...
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