May 27, 1972

US Commerce Dept announces on May 26 Apr trade deficit of $699‐million, the 2d largest monthly deficit on record; gives 4‐month total deficit as $2.2‐billion, almost insuring a larger deficit for '72 than the '71 figure of $2‐billion; says Apr exports and imports are down from Mar, but above yr‐ago Apr figures; gives projected annual export rate of $47‐billion, and import rate of $53.6‐billion, up 8% and 18% respectively from '71; large increase in imports is natural result of devaluation of dollar, since same volume of imports now costs more; graph shows US exports and imports

Sec Laird returns to US on May 26 after several days of discussions with NATO defense mins in Brussels

NYC Mayor Lindsay office insists on May 26 that City Council raise property taxes in order to close gap in fiscal '73 expense budget; Councilman Troy, leader of tax revolt, says he would rather violate City Charter mandate to approve tax increase and go to jail than vote for tax rise; Lindsay is expected to veto $300,000 appropriation which would provide 25 more Civil Service auditors for Controller Beame's office in light of present fiscal '73 expense budget deficit

M Frankel, in dispatch from Moscow, analyzes strategic arms limitation accords signed in Moscow by Nixon and Brezhnev; sees purpose of accords to be freezing of terrifying weapons and making sure terror works by preventing any effective defense against them; sees arms race going on in other mil areas and in quality of nuclear warheads; discusses atmosphere of negotiations leading up to accords and Nixon Adm's defense of them; graphs and charts of US and USSR strategic missile strength and of what accords allow; illus of a USSR missile emplacement

US and USSR announce in Moscow on May 26 the formation of joint comm to devise comprehensive trade agreement that has proved impossible to reach during Nixon's visit to Moscow; announcement represents admission by both sides that they have been unable to reconcile differences on trade issue, constituting 1st disappointment of summit meeting; Nixon and Kosygin, in toasts at a state dinner given by Nixon, stress positive achievements of day, Nixon's last day of official meetings