European nations, well aware of the old saw that when the U.S. sneezes the world catches pneumonia, have been anxiously taking their economic temperatures. While inflation has been checked in most countries, there have been only a few scattered sniffles so far. One big reason: U.S. imports have remained high, chiefly because of an increasing demand for small European cars, while exports have dropped. If the U.S. recession ends this year, European businessmen feel that they will not be affected, just as they were not affected by the 1953-54 drop. Items: ¶Britain's exports are booming (cars were a...

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