Page:Ford, Kissinger, Jordanian King Hussein - August 16, 1974(Gerald Ford Library)(1552753).pdf/13

-13- : Do you have a serious inflation problem?

We are starting to have one. We are an importing economy. Oil price increases have been reflected back to us as increases in imported commodities produced in the U.S. and Britain.

Then you have phosphates and potash and copper which will produce income for you.

We have only phosphates. The others are there but we have to develop the potential. We have a serious balance of trade deficit which we hope in the future can be offset by these mineral developments.

Our most serious problem is political. We want to know what we should do next.

Mr. President, we will be having a working lunch following this meeting and we will go into detail/ with His Majesty on this question which we cannot cover here.

We welcome any suggestions from you. We are proud of the close cooperation which we have always enjoyed with the United States. We are also very happy to see so many of our friends from our area of the world now coming here for