• Short Summary

    IN A NEW YEARS DAY NEWS CONFERENCE AT THIS TEXAS RANCH, PRESIDENT JOHNSON APPEALED TO ALL AMERICAN CITIZENS TO DEFER ANY TRAVEL OUTSIDE THE WESTERN HEMISPHERE DURING THE NEXT TWO YEARS AS PART OF A FIVE-POINT PLAN TO STRENGTHEN THE U.

  • Description

    IN A NEW YEARS DAY NEWS CONFERENCE AT THIS TEXAS RANCH, PRESIDENT JOHNSON APPEALED TO ALL AMERICAN CITIZENS TO DEFER ANY TRAVEL OUTSIDE THE WESTERN HEMISPHERE DURING THE NEXT TWO YEARS AS PART OF A FIVE-POINT PLAN TO STRENGTHEN THE U.S. DOLLAR. THE PRESIDENT DESCRIBED A SHARP DROP IN THE U.S. BALANCE OF PAYMENTS DURING 1967 AND SAID THE ADMINISTRATION HOPES TO SAVE 500,000,000 DOLLARS IN TOURISM THROUGH THE TRAVEL RESTRICTIONS.

    THE PRESIDENT ALSO ANNOUNCED A MANDATORY RESTRICTION ON MOST DIRECT FOREIGN INVESTMENTS BY UNITED STATES CORPORATIONS.

    MR. JOHNSON SAID HE WAS DETERMINED TO ACHIEVE A SUBSTANTIAL IMPROVEMENT IN THE U.S. TRADE SURPLUS AND TO REALISE AN IMMEDIATE IMPROVEMENT OF 500 MILLION DOLLARS IN THE YEAR AHEAD. HE SAID HE HAD SENT MR. KATZENBACH TO EUROPE TO INITIATE DISCUSSIONS ON CO-OPERATION AND CONSULTATION ON TRADE PROBLEMS.

    AT THIS STAGE, THE RESTRICTIONS ON TOURISM ARE VOLUNTARY BUT PRESIDENT JOHNSON PROMISED LAWS TO MAKE HIS APPEAL MORE EFFECTIVE. HE ESTIMATED THAT, IF AMERICANS CONTINUED GOING ABROAD AT THE SAME NUMBER, THE TOURIST DEFICIT WOULD SOAR TO 2,000 MILLION DOLLARS THIS YEAR.

    HE SAID THE TOTAL NET DEFICIT IN THE 1967 BALANCE OF PAYMENTS HAD BEEN ESTIMATED AT BETWEEN 3,500 AND 4,000 MILLION DOLLARS.

    ON THE TOURIST RESTRICTIONS, HE SAID:

  • Tags

  • Data

    Film ID:
    VLVAD5ZCRWQN7O8CVNSM30BX2OGU0
    Media URN:
    VLVAD5ZCRWQN7O8CVNSM30BX2OGU0
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    03/01/1968
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:00:51:00
    Time in/Out:
    /
    Canister:
    N/A

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