National Affairs: New Global Policy

To fight the gold war, President Kennedy this week put forth a program aimed at a reduction of U.S. spending abroad and an increase in foreign spending and investment in the U.S. Key proposals:

¶ Cut the amount of duty-free foreign goods that U.S. tourists can bring back, from $500 to $100.

¶ Reduce U.S. defense procurement abroad and spend more at home "even though this will lead to some extra cost."

¶ Tighten the loopholes through which U.S. companies can channel profits into foreign "tax havens."

¶ Set up a double standard of interest rates, so that...

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