Trade war improves US

Workers Press no. 1105, 22 June 1973 · scan page 3

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Ruth Africa, speaking at a Press con ated Is Ethel de Keyser. secretary o At a Press conference in the House of Commons, John Hosey described how his son had been threatened and maltreated in prison by police interrogators. They kept him standing in one place for long periods and rubbed the skin off his arms which were badly sunburned.

In prison Sean Hosey Is allowed no newspapers and only two (censored) letters a month. US exports and a correspondin The balance of exportimport trade which showed a deficit of $1,750m in the fourth quarter of 1972, was down to $960m in the first three months of this year.

However, the outflow of short-term capital from the United States increased very sharply over the same period—reflecting the exchange of huge dollar sums into other currencies during the February and March currency crises.

The latest deficit on the balance of payments is $1,200m. This is the lowest since 1970, when the last-quarter deficit totalled less than $1,000m.

The deficit reached a peak of $2,700m in the third quarter of last year and has since tailed off as the effects of the December 1971 currency realignment have worked through.

The latest figures take no account of the long-term effects of the devaluation of the dollar earlier this year and the subsequent marked fall in the US currency's parity.

These are certain to have even more dramatic effects on European trade with the United States, which is already feeling the effects of the 1971 devaluaThe US onslaught against Europe is simultaneously cutting European industry out of American markets and speeding the monopolization of overseas inTHE EFFECTS of United States trade war measures against Europe and Japan are plainly visible in the balance of payments figures for the first quarter of this year, published in Washington.

The figures show that the devaluation of the other main capitalist currencies has led the dollar against to an increase in cut in import costs. dustry into American hands.

It is this basic conflict which underlies the tension between the US and European capitalism.

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