WORLD TRADE: Building Walls Abroad

"I've got no compulsion to settle." With those cool words, John Connally continued to play his risky poker hand in the high-stakes game of international money. Publicly, at least, the Secretary of the Treasury refused to soften the Nixon Administration's economic moves, which have upset and unsettled the trading world. Foreigners were increasingly angered by what they perceived to be brutally nationalistic U.S. policies—the 10% surtax on most imports, the proposed "buy American" investment credit at home, and the demand that other nations revalue their currencies upward against the dollar. A...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!