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Gold/Mining/Energy : Gold Price Monitor
GDXJ 107.29-0.9%Dec 2 4:00 PM EST
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To: long-gone who wrote (72155)6/21/2001 8:00:33 PM
From: lorne  Read Replies (1) of 116791
 
LONDON (Reuters) - The head of a U.S. industry group called on the U.S. government to abandon its strong dollar policy, the Wall Street Journal reported on Thursday.

International Paper Co. chief executive John T. Dillon, head of Business Roundtable, put his case at a private meeting with U.S. Treasury Secretary Paul O'Neill on Wednesday, the newspaper said in its European edition.

``There's no question that orders for our products have been off for about a year, and foreign companies are taking an increasing share of the U.S. market -- some of which is a function of the advantage they have in currencies,'' Dillon said after the meeting, the paper reported.

Business Roundtable represents 150 chief executives from the largest U.S. exporters.

``It's not that their factories are any more efficient than our factories, but they do have a pretty sizable advantage because of the dollar's relationship with other currencies,'' Dillon said. The paper added Dillon had argued industrial America was in a ``deep recession.''

U.S. industry has already been vocal in its condemnation of the export-crippling strength of the dollar, which recently hit 15-year highs against a trade-weighted basket of currencies.

Six U.S. manufacturing groups wrote a letter to O'Neill earlier this month calling for a weaker dollar. O'Neill has said he is sticking to the U.S. government's strong dollar policy.
dailynews.yahoo.com
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