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...

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