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sharp increases in foreign sales, while sales of “value-added” manufactured products or services are increasing only slowly. Although higher overall exports are a welcome development, they do not signal the necessary long-term shift in American exports needed to get our economy back on track.
Trade bill pending
Congress is presently considering massive legislation that would ■empower the executive branch to press for open markets abroad and to respond to unfair trade practices by other countries. The bill covers everything from improving agriculture exports to dealing with international trade debt problems. It is intended to update U.S. trade laws in the face of a constantly changing world marketplace.
Properly crafted, this new law will enable U.S. business to develop dependable markets for a widerange of U.S. goods overseas. Equally important, it will allow us to start paying off our foreign obligations.
John Warner, Virginia's senior senator, represents the Commonwealth in the United States Senate.
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