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Economic Perspectives, 11, 4th, No. 6, November 1987
Some macroeconomic effects of tariff policy
The exchange value of the dollar against the currencies of most of the United States' major trading partners-especially Japan and West Germany-has fallen significantly since reaching a peak in early 1985. Yet U.S. current account deficits with these countries have yet to show substantial reductions. Impatience on the part of export industries has been reflected in some recent protectionist legislation, with the promise of more to come.


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