World Trade: U.S.: Narrowing the Gap

Along with his glowing expectations for the domestic economy (see above). Treasury Secretary Dillon last week voiced cautious optimism about the U.S.'s position in the world economy. After running up an $11.2 billion balance-of-payments deficit in the last three years, the U.S. this year is narrowing the gap. Preliminary figures indicate that for the first six months of 1961, the overall deficit will run only $600 million v. $1.3 billion for the same period last year. In the so-called "basic balance of payments" (which excludes short-term capital flow), the U.S. will probably show a net surplus of $400 million for...

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