U.S. International Trade

Data on American international trade for the 19601989 time period are presented in Table 1, which may be found beginning below on this page. These data are based on the broader definition of international trade, which includes both goods and services.

American International Trade: 19601989

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Year Merchandise Services Balance

  of Trade

Exports Imports Net Recepits Payments Net

1960 21 16 5 9 8 1 6

1965 29 24 5 14 9 5 10

[table continued on following page] 1

[table continued from preceding page]

Year Merchandise Services Balance

  of Trade

Exports Imports Net Recepits Payments Net

1970 47 44 3 22 17 5 8

. . .
oined Canada and Australia in seeking reductions (and eventual elimination) of agricultural subsidies. The American inititiatives at the Eighth Round are not likely to play a major role in reducing the country's trade deficit. What growth is available in the financial services area is relatively insignificant, when compared the United States merchandise trade deficit. A case may even be made that earlier activities by the United States in the financial services area contributed to the development of the country's merchandise trade deficit, by contributing in a major way to the external debt problem faced by most developing countries. Servicing this debt makes it difficult for many of these countries to import merchandise. Reductions in agricultural subsidies would not likely make American agricultural products more competitive, because the United States already meets or exceeds agricultural subsidies paid in any other country. The United States will also encounter legal problems with respect to agricultural subsidies, 5because of differing definitions of subsidy. It is not simply that the United States considers some payments by other governments to be subsidies, while those governments do not. In man
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Approximate Word count = 2199
Approximate Pages = 9 (250 words per page)

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