Section III reviews the current trade situation and the growth

in interdependence between the U.S. and the developing economies. In its international trade the U.S. is increasingly an exporter of capital goods, agricultural goods, and chemical goods, and an import¬ er of fuels, autos, and consumer goods. Through these dynamics of trade, the U.S. economy is growing in structural interdependence with the world economy.
A consistent view of the U.S. position emerges from the analysis. Many of the developing countries are borrowing from an increasingly internationalized flow of world saving (partly due to OPEC) and investing for industrial growth. They import capital goods from the U.S. with the proceeds of the borrowing and in turn sell some of the output in the U.S. This results in interdependence through the world capital markets and through the exchange of capital goods for con¬ sumer goods. This is the trend for the 1980s.