CHICAGO – While the Commerce Dept. in Washington was announcing that the U.S. trade deficit rose to $614 billion in 2004, up from $496 billion a year earlier, General Motors Corp. CEO Rick Wagoner was telling members of the Economic Club of Chicago why. "The U.S. dollar is overvalued vs. Asian currencies, primarily the Japanese yen, and is the reason for almost all the loss,” Wagoner says. “Exchange rates are the primary pricing mechanism between countries. Wagoner: No other country ...

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