Office of the U.S. Trade Representative Summary and Description of Requirements by Object Class (Dollar amount in thousands) Summary and Description of Requirements by Object Class Office of the U.S. Trade Representative (Dollar amount in thousands) 166 0 MST We are facing, apparently, a huge deficit, aren't we? Mr. BROCK. I would be looking for other employment if it was the balance of trade. We expect the figure to rise substantially from endent upon the pace of our own recovery. The faster e greater the deficit, the short-term effect of a fore we get the secondary effect of exports. 873 A 1-11-8 what I want to bring out, because actually ry, our people buy imports at an increased 't had their recovery yet so they are still later, doesn't it? year. We do have the additional ong dollar that has made our ceptionally high-priced, and gement, either one. It is alued in the rest of the s? hat this country we have become is flowing into the er? I saw some figures the other day ercent of the world's trade now is in ng in on that like the other countries, are of the barter is being done by nonmarket econoy prefer to do business that way. We are a little Jout the temptation of some countries that would be ng partners of ours, who are putting barter requirements trade. Indonesia has suggested that sort of a program, for .ple. is hard in our system, Mr. Chairman, with the free market →ystem being the primary agent of sales, the government does not do most of that, except through our Public Law 480 type programs, and consequently it is a little more difficult for us to get directly into the barter business. I frankly think it is going to grow for awhile, particularly with the debt problem some of these countries have. It may be the only way some of them can do business at all. Mr. SMITH. I find the reluctance is greater in the United States than anywhere else. I put an amendment on the Export Control Act about three years ago permitting the Secretary of Commerce to guarantee that there would not be any restriction or embargo on any trade made that met certain requirements for a period of 20 years, and it has not been used. President Carter said he was going to use it, but he didn't quite get around to it, and it is just one way that private companies could trade for something in another country that is in short supply in this country, trading something that is in surplus supply in this country, and get that kind of a guarantee. And then they could be assured of the supply. But it has not been used. I was a little concerned. I understand that the Commerce Department is now proposing in their budget amendment to eliminate |