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The Nixon shock after forty years: the import surcharge revisited




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.
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  • 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.
  • Handle: RePEc:cup:wotrrv:v:12:y:2013:i:01:p:29-56_00

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    References listed on IDEAS

    1. Officer, Lawrence H., 1993. "A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform. Edited by Michael D. Bordo and Barry Eichengreen. Chicago: University of Chicago Press, 1993. Pp. xiii, 675. $75," The Journal of Economic History, Cambridge University Press, vol. 53(03), pages 672-673, September.
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    Cited by:

    1. Leontyeva, Elena & Narkevich, Sergey, 2015. "Optimal Practice of Creation and Management of Gold Reserves," Published Papers mak12, Russian Presidential Academy of National Economy and Public Administration.
    2. Bown, Chad P. & Crowley, Meredith A, 2016. "The Empirical Landscape of Trade Policy," CEPR Discussion Papers 11216, C.E.P.R. Discussion Papers.
    3. Auboin, Marc & Ruta, Michele, 2013. "The relationship between exchange rates and international trade: a literature review," World Trade Review, Cambridge University Press, vol. 12(03), pages 577-605, July.
    4. Douglas L. Campbell, 2013. "Relative Prices, Hysteresis, and the Decline of American Manufacturing," 2013 Papers pca584, Job Market Papers.
    5. Timm Betz & Andrew Kerner, 2016. "The influence of interest: Real US interest rates and bilateral investment treaties," The Review of International Organizations, Springer, vol. 11(4), pages 419-448, December.

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    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • F5 - International Economics - - International Relations, National Security, and International Political Economy
    • N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-


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