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Although international trade represents only four or five per cent of the U.S. gross national product, its impact on domestic welfare is much greater, and the settlement of current problems and uncertainties will be felt by all of us for a long time to come. As far as I am concerned, the agreement on an international payments mechanism is of far greater importance than the ten per cent surcharge, and consequently I will address my remarks to that portion of the new international economic policy.

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