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The Associated Press
WASHINGTON Unemployment is re
placing inflation as the prime political worry
of world leaders gathering this weekend for an
economic summit in Williamsburg, Va., and
again they are looking to the United States to
-help bring their economies back to life. .
The policies that President Reagan is likely
to outline to the heads of state from six other
industrial democracies, Britain, France, Italy,
West Germany, Canada and Japan, may not
be the answers they want to hear.
The six major U.S. trading partners are
heartened by signs of recovery from economic
recession which saw unemployment rates soar
ing, developing countries scurrying for bailout
loans and credit extensions, and trade barriers
rising to shield weak industries from imports.
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6 The Tar Heot Thursday, May 23, 1S33
Though there is cause for cheer in the start
of the U.S. economic recovery, the six other
summit leaders are apprehensive about other
problems notably the strength of the dollar
relative to their currencies and high U.S. inter
est rates which they trace to Reagan's big
deficit policies.
Underlying the ninth annual summit is the
recognition among the six leaders that the
health of their national economies is inexorably
tied to decisions made in Washington, and
that a strong U.S. economy is their best hope
for pulling out of a damaging and prolonged
slump. . ":- -, -
The message that Treasury Secretary Donald
Regan says he heard repeatedly from Euro
pean and Asian officials during recent trips
was this: "If your economy recovers, ours will
recover.".. 7;'.,;
At the very least, the summit leaders are cer
tain to end their three-day meeting with re
newed intentions to cooperate more closely to
ensure that the recovery continues.
"At Williamsburg, the emphasis will shift to
policies that promote growth without re
igniting inflation," predicts Deputy Secretary
of State Kenneth W. Dam.
Canadian Prime Minister Pierre Tnidean
said recently that "clearly, getting our own
house in order must continue to be a preocu
pation of governments in the Western world in
support of recovery."
How the summit nations can do this is a
matter of dispute. Some, particularly the
French, want changes in U.S. policy.
Reagan may encounter some sharp ques
tioning in Williamsburg about interest rates
and the strong dollar, both of which are linked
bv manv to enormous U.S. budget deficits.
The dollar's strength hurts foreign countries
in making payments for oil imports, which are
priced in dollars. High U.S. interest rates
prompt complaints that investment money
leaves other countries for better yields in the
United States.
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