Early this year the US Administration made reference to "a marked improvement in the relations between the EC and the USA over the period of the last three years" - an astonishing statement in the light of the mounting non-tariff obstacles to trade between the EC and the USA.

Because of continuing Inflation and rising unemployment, Americans were beginning to feel rather frustrated with the Nlxon Administration for their non-actions on the economic front. As an answer to this growing feeling of anxiety the US-President introduced an economic programme which has...