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SURCHARGE
Q:
Sir: How long do you intend to keep the surcharge in
effect and aren't you risking a disasterous trade war
with our crucial allies?
A:
As I have said, the basic direction of U. S. economic
policies remain outward looking. The continuing thrust
of our long-run policy is to reduce impediments to the
free flow of commerce. But to do SO requires a change
in the general system of international monetary and
exchange arrangements. In particular, exchange rates
between the dollar and other major currencies must be
allowed to reflect changes which have taken place in
the underlying realities. The surcharge is a temporary
measure and it will be lifted as soon as all the nations
harmonize their efforts to encourage a more realistic
pattern of exchange rates. We want to do more than
patch up the old system, we want to help build a new
system which will endure and which will be fair to all
of our trading partners and to ourselves.
As for a trade war, we neither want one nor do we expect
one, but we do thing it is time that we and our partners
cooperated to draw up a new contract based on equitable
and workable principles and which reflect conditions
as they exist in 1971 rather than 1951.
(EEA)
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"ocrText": "SURCHARGE\nQ:\nSir: How long do you intend to keep the surcharge in\neffect and aren't you risking a disasterous trade war\nwith our crucial allies?\nA:\nAs I have said, the basic direction of U. S. economic\npolicies remain outward looking. The continuing thrust\nof our long-run policy is to reduce impediments to the\nfree flow of commerce. But to do SO requires a change\nin the general system of international monetary and\nexchange arrangements. In particular, exchange rates\nbetween the dollar and other major currencies must be\nallowed to reflect changes which have taken place in\nthe underlying realities. The surcharge is a temporary\nmeasure and it will be lifted as soon as all the nations\nharmonize their efforts to encourage a more realistic\npattern of exchange rates. We want to do more than\npatch up the old system, we want to help build a new\nsystem which will endure and which will be fair to all\nof our trading partners and to ourselves.\nAs for a trade war, we neither want one nor do we expect\none, but we do thing it is time that we and our partners\ncooperated to draw up a new contract based on equitable\nand workable principles and which reflect conditions\nas they exist in 1971 rather than 1951.\n(EEA)"
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