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-- the resulting trade surplus would provide enough foreign exchange for US investors to buy the world's most productive resources and make America even stronger.
The goal was short-lived as:
-- America had tariffs on commodities that other nations could produce more cheaply;
-- the International Trade Organization, in place to subject all economies to the same rules, was scuttled; and
-- private US investment abroad was never enough to finance sufficient foreign purchases of US exports; IMF and World Bank loans also fell short.
America accumulated a payments surplus. It, in turn, weakened its export potential. The lesson learned was that "Beyond a point, a creditor and payment-surplus status can be decidedly uncomfortable."
At first, the enlightened solution wasn't taken - extended foreign aid for rebalancing as Congress put internal interests ahead of foreign policy.
The Cold War Pushes America's Balance-of-Payments into Deficit
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