As seen from Europe and Japan, U.S. international economic policy is a mess. The Nixon Administration appears confused and confusing, showing open disregard for its trading partners, taking actions that run counter to its announced determination to correct the steadily shrinking value of the dollar overseas, the massive U.S. balance of payments deficit and the continuing American trade gap. Last week foreigners were shocked by a new and ominous U.S. policy: the imposition of controls on exports of farm commodities and steel scrap, a move the Administration insists is necessary to build...
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