The U.S. balance of payments deficit swelled to an alarming floodtide of nearly $30 billion in 1971. When the Administration announced that staggering shortfall last week, it became doubly clear why Treasury Secretary John Connally has attached such importance to forcing trade concessions from the nation's foreign customers. The Japanese and Europeans have recently agreed to relax some of their restrictions against U.S. imports. But bargaining with the U.S.'s biggest and closest trading partner, Canada, has so far produced little but misunderstanding and bitterness. Negotiations broke down this month, and no date has been made for resuming them,...
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