When the spotlight shone on Seoul, Americans focused their attention on the efforts by U.S. Olympians to outpace rival athletes from other nations. But there is another form of international competition that the U.S. is unquestionably losing, and it is no game. America, once the perennial champion of world trade, now seems in danger of dropping out of contention. In one industry after another, American companies have lost their lead to foreign competitors that are more innovative, efficient and responsive to the needs of consumers.
The stark facts are revealed each month in the trade-deficit figures. Despite recent improvement, the U.S....
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