In London last week, the seemingly incredible happened. With hardly a mussed hair, a United Nations conference of 17 countries, this time on foreign trade, came to an end with a tentative agreement on the basic policies for a world trade charter. In general, the charter, preparatory to a full-dress conference later, followed the broad lines suggested by the U.S.

This was not quite the victory for the U.S. it seemed. Actually, it meant that the U.S. had succeeded only in persuading other nations to waive their doubts (tentatively) of U.S. economic stability....

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