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(Studio) Nixon devalues dollar by 10%. This makes imported products more expensive for Americans and American goods cheaper abroad.
REPORTER: Howard K. Smith
(DC) [Treasury Secretary George SHULTZ - says dollar strong fundamentally, but US has bad trade deficit.] Today Nixon meets with Shultz and chief domestic advisor John Ehrlichman to discuss what other steps should be taken. Nixon wants legislature giving him broad powers over United States trade.
REPORTER: Tom Jarriel
(Capitol Hill) Joint Econ. Committee reacts favorably to devaluation. [Senator William PROXMIRE - says approves devaluation. United States also needs to cut back spending at home and abroad.] [Former Treasury Secretary Henry FOWLER - says nothing will help dollar unless United States has effective and strong domestic market]
REPORTER: Bob Clark
- Clark, Bob;
- Jarriel, Tom;
- Smith, Howard K.
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