The Nixon Shock after Forty Years: The Import Surcharge Revisited

Douglas Irwin

No 17749, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: On August 15, 1971, President Richard Nixon closed the gold window and imposed a 10 percent surcharge on all dutiable imports in an effort to force other countries to revalue their currencies against the dollar. The import surcharge was lifted four months later after the Smithsonian agreement led to new exchange rate parities. This paper examines the political, economic, and legal issues surrounding the import surcharge. This historical episode may shed light on the possible use of trade sanctions as part of the effort to get China to allow the renminbi to appreciate more rapidly.

JEL-codes: F13 F42 F5 N12 (search for similar items in EconPapers)
Date: 2012-01
New Economics Papers: this item is included in nep-his and nep-mon
Note: ITI
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Citations: View citations in EconPapers (5)

Published as Irwin, Douglas A., 2013. "The Nixon shock after forty years: the import surcharge revisited," World Trade Review, Cambridge University Press, vol. 12(01), pages 29-56, January.

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Journal Article: The Nixon shock after forty years: the import surcharge revisited (2013)
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