The Economy: And Now, a Trade Hassle

THE world monetary agreement reached over the weekend concludes only the opening round in the U.S. international economic offensive. The offensive's Phase II, already under way, is the U.S. attempt to persuade foreign governments to tear down tariffs, quotas and other barriers against American exports of goods and capital. The U.S. was long maddeningly vague on just what trade concessions it wants, but lately it has served up a list of specific demands. They have made the trade talks clearer, but not easier. Unlike the round-table currency negotiations, the trade bargaining consists of...

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