Passions are quickly stirred by economic issues like inflation and unemployment, but few people fret over the nation's balance of trade. Yet so far this year, imports into the U.S. have outrun exports so much as to create a monumental trade deficit. Last week the Government reported that the deficit in May, $1.2 billion, was the smallest of the year, largely because of lower imports of oil and coffee and a boost in exports of machinery. Even so, during the first five months of 1977 imports raced $9.8 billion ahead of exports. Estimates put the deficit for the entire...
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