The strong dollar lifts the price of U.S. exports while imports sail in
To economists, it is a phenomenon outside the realm of all historical experience. To American workers and businessmen, it is a malignant force that destroys jobs and profits. To Government policymakers, it is a vexing dilemma that stirs impassioned pleas for protectionism. Gargantuan and still growing, the U.S. trade deficit has raised grave fears about the future health and wealth of the American economy.
The Commerce Department reported last week that in May the U.S. paid $8.8 billion more for imported merchandise than it earned on exports. That was a...
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