MEXICO: Cotton for Cars

Ever since the U.S. announced in February that it would begin selling surplus cotton on the world market. Mexico's leftist Economy Minister Gilberto Loyo, onetime professor of economics and a longtime ringleader of the anti-U.S. faction in the Cabinet, has been scratching around for a good, sharp reprisal. He feared that if the U.S. went through with its plan to double exports (to 5,000,000 bales), the floor would fall from under the Mexican crop, which last year earned about $190 million, almost a third of the country's foreign credits. Last week, in a series of decrees, Loyo announced his...

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