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Page 1 0=Thursday, February 28, 1
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980-The Michigan Daily
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WASHINGTON (AP) - A new government procedure for
reporting the nation's trade deficit will inflate the figure by
about $1 billion each month, possibly hurting the value of the
dollar on overseas markets, trade experts said yesterday.
A little-noticed provision of the Trade Agreements Act
passed by Congress last year requires that the Commerce
Department begin today including the cost of insurance and
shipping when reporting the value of imported goods.
THESE COSTS are not included in valuations of exports,
however.
As a result, the trade balance - the difference between
imports and exports - will overstate deficits and understate
surpluses.
Had this procedure been in effect last year, the nation's
trade deficit would have been $37.3 billion, about $12.6 billion
higher than the $24.7 billion deficit that resulted when just the
value of imported and exported goods was tabulated.
"MOST PEOPLE probably wonder why there would be any
concern about this," said a Commerce official who asked not
to be identified. "The fact is that the trade balance has an
impact on the value of the dollar. If the markets don't under-
stand what is going on, the dollar could suffer."
A deficit indicates that dollars are flowing out of the United
States. If money market traders believe there is an-oversup-
ply of dollars overseas, the "price" or value of the dollar
drops relative to other currencies.
The official added that higher trade deficit data could give
some congressmen and industries ammunition to increase
protective tariffs.
THE "INFLATION of the trade deficit," as the official
termed it was advocated by Sen. Russell Long (D-La.), and
included as a provision in the congressional act approving
the multinational trade negotiations agreement.
The law passed by Congress requires that next January,
the United States begin calculating tariffs as if insurance and
shipping were included in the cost of imports. Tariffs,
however, will continue to be collected only on the value of the
goods.
One illustration of the difference the reporting change will
make can be seen in a comparison of December trade
statistics.
The value of imported goods was $19.7 billion in December,
or about $2.9 billion higher than the $16.7 billion value of ex-
ports. When insurance and shipping costs are added to im4
port costs, the import bill rises to $20.8 billion, or $4 billion
more-than exports.
Using the old method of calculating trade balances, the
nation has been running a deficit since June of 1976, said
department analyst Adren Cooper. Under the new export
calculation, there has been a deficit since January 1976.
deficit by
$1 billion
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UNDER THE UATS plan it is
unlikely that any federal money could
be used for the rerouting project. The
federal agency responsible for
reviewing impactrstatements of
transportation projects has informed
UATS that its original proposal would
adversely effect the Fuller Recreation
Area.
Bob Pierce of the Heritage
Conservation and Recreati on Service
(HCRS) said the plan recommended by
UATS would effectively cut off the
southeast corner of the recreation area
from the rest of the park. The retaining
wall required for the elevated section of
Fuller also would have "negative"
impact on the valley, both visually and
from increased traffic noise.
PIERCE SAID he was pleased to see
the second option-considered and added
that it "looked like a viable alternative
to stay with the existing right-of-way"
for Fuller.
If such an alternative were built, he
said federal money probably would be
available.
It's not clear yet whether the Fuller
Road project will be reconsidered. But
Ann Arbor City Engineer Leigh Chizek
said that replacement of the presen
Fuller bridge over the railroad tracks
can't wait much longer. Also, the need
for access to the University Hospital
construction site dictates that work on
Fuller begin by next January.
grows for new Fuller Rd. option
U.S. ambassador taken hostage
(Continued from Page 1)
Guatemala, Haiti, Switzerland and the
Vatican, the ministry said. Also taken
hostage were the acting ambassadors
of Paraguary and Bolivia who hold the
RESORT HOTEL & COUNTRY CLUB
SUMMER EMPLOYMENT
NIPPERSINK MANOR-Large Resort Hotel in Southeastern Wisconsin has
open ings for:
SOCIAL HOSTESSES - HOSTS - ATHLETIC DIRECTORS -
TEEN & YOUNG ADULT DIRECTORS- PLAYSCHOOL TEACHERS
title of attache, the office said.
A U.S. Embassy spokesman said
Ambassador Asencio was still inside
the besieged embassy and unhurt, as
far as could be determined.
The Mexican ambassadorhRicardo
Galan, shouted to reporters through a
window broken by gunfire that the
Uruguayan ambassador, Fernando
Gomez, had suffered two bullet wounds.
He said there were four other wounded
inside the besieged embassy.
r
THE AMBASSADOR pleaded for
troops and police to withdraw because
"a slaughter could occur inside the
embassy." He also said the guerrillas
were demanding that Foreign Minister
Diego Ur iba go to the residence
immediately to negotiatethe release of
the hostages.
The= government announced that the
Colombian Red Cross had been
authorized to contact the guerrillas and
negotiate with them.
A guerrilla spokesman demanded the
release of 209 leftist comrades on trial
by military courts and threatened to
blow up their hostages, including the
U.S. envoy.
Papal Nuncio Angelo Ayerbi shouted
out a window that the occupiers had
several grenades and threatened to set
them off if security forces attempted to
oust them from the 'residence. Ayerbi
pleaded for the troops and police to stop
firing and withdraw,, but exchanges of
gunfire continued four hours after th*'
seizure.
Those with background in music, drama and art will find
outlet for these talents.
Good salary plus room and board furnished for all positions.
INTERVIEWS will be hold March 13 and 14 from 9:00 am to 4:30 pm, 3200 Student
Activities Building, Summer Placement. Please sign up 763-4117.
A Snc oIE
... captured but unhurt
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PUBLIC NOTICE
LIQUIDAiPON AUCIOfN
OF ORIENTAL RUGS
at HOLIDAY INN-EAST
3750 Washtenaw at 1-23-Ann Arbor, MI
FRIDAY, FEBRUARY 29th
VIEW TIME-7:00 PM AUCTION-8:00 PM
Immediate and Urgent Removal of an Air Cargo Shipment,
Air Way Bill No. 085-3212-2171, consisting of fine Oriental
Rugs in all sizes is now being demanded for immediate dis-
posal at this auction to the highest bidder in single pieces.
Sponsored by,
ORIENTAL RUG PALACE OF MASSACHUSETTS
TERMS: Cash or check
EVERY WEEK:
MONDAY: GREEK NIGHT
Frats, Sororities FREE with proper ID
Non-Greeks admitted after 11 pm with cover charge
WEDNESDAY: CRAZY DRINK NIGHT
BEER AND DRINK SPECIALS AND BANDS
THURSDAY: BIG PARTY NIGHT
FRIDAYS AND SATURDAYS:
HAPPY HOUR PRICES 8:30-9:30
FREE COVER BETWEEN 8:30-9:00
$1 COVER BETWEEN 9:00-9:30
WEDNESDAY AND THURSDAY NIGHTS
BIG PARTY
WITH
IiAA A A A 'EE E".IF
oing home
r spring break?
n't forget to stop in for the
)plies you'll need to study
d get ahead of the game.
hirts. :.. travel bags....
eatsuits .... doodle pads
. beer mugs ....
Sheldon
campaigns
un opposed.t
(Continued from Page 1)
SHELDON EXPLAINED that he
would not support rent control as a
solution to the problem of spiraling
housing rates. "This tends to
discourage more building and has not
worked in the past," he said. He
suggests that it would be better to
create a competitive situation amon
building owners to lower prices and
improve services for tenants.
Sheldon, a commercial loans officer
at Ann Arbor Bank and Trust, dekcribes
the city budget as a "bare bones
operation." With, two years of
experience on City Council, Sheldon
said he has developed some expertise in
budgeting.
"We've tried to keep the budget a.
low as possible. The number of city
employees has gone down, but there is
not much more that you can cut back,"
Sheldon said.
IN PARTICULAR, Sheldon said
police patrols need to be increased
because he said the present police force
is unable to control crime in several
areas of the city.
"One of the first jobs of the city is t
protect the health and welfare of its
citizens,", Sheldon said.
Sheldon said he thinks Ann Arbor is
"very progressive" in the area of
energy conservation. He is in favor of
the energy plan proposed by the city
administration which focuses on energy
conservation in homes and buildings.
He also advocates the use of local dams
to generate hydroelectric power.
Sheldon is assured of reelection, but
he said running unopposed takes some
of the excitement out of the campaign,
although he added he has more time to.
devote to his current council duties.
I
PROFESSIONAL THEATRE
PROGRAM presents
FACETS PERFORMANCE
ENSEMBLE'S
SOLSTIE
THURSDAY, FEB. 28,
8 PM-2. POWER CENTER
Tickets at PTP in League
CALL 764-0450
.saom i
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