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Economy Policy / Effects #16688

ABC Evening News for Monday, Aug 16, 1971
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(Studio) United States auto industry pleased by new economic policy.
REPORTER: Harry Reasoner

(Detroit, Michigan) Auto industry spokesperson believes smaller profits may be offset by larger sales volume; excise tax cut will enable buyers to save $200 on US cars. [Ford president Lee A. IACOCCA - believes new policy among boldest, far-reaching policy changes ever.]
REPORTER: Jim Kincaid

(Los Angeles, California) 10% surcharge on foreign imports to raise cost of foreign cars in United States $200; Japan hit hardest by surcharge. [Mitsubishi Corporation spokesperson Hideji TAMAI - says new policy shocking; will have unavoidable detrimental effect on exports to US.]
REPORTER: Bill Wordham

(Studio) Japan stock market has record bad day; Bank of Japan forced to intervene to hold United States dollar at parity with yen.
REPORTER: Howard K. Smith

(London, England) [US Treasury Undersecretary Paul A. VOLCKER - says floating US dollar will cause both up and down shifts in exchange rates.] Central European banks suspend dollar trading.
REPORTER: George Watson

(Paris, France) [American Express Vice President Antoine ROLLS - says due to rush to exchange dollars for francs, had to decide to honor only American Express travelers checks.] Rate of exchange down 12%.
REPORTER: Pat Chapman

(Frankfurt, West Germany) United States dollar sinks to lowest exchange rate in rel. to mark; Volkswagen stks. decline, result of 10% surcharge; West Germany wants United States dollar devalued.
REPORTER: Ray Maloney

(London, England) British cabinet holds secret meeting with Prime Min. Heath on currency situation.
REPORTER: George Watson

Chapman, Pat;
Kincaid, Jim;
Maloney, Ray;
Reasoner, Harry;
Smith, Howard K.;
Watson, George;
Wordham, Bill

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