Asian Economic Crisis

As a result of the Asian economic crisis, the Port Authority of New York and New Jersey experienced a 7% increase in imports and a 7% decrease in exports to the Far East. This is because items imported from the Far East were cheaper, so we purchased more. Conversely, they could not afford to purchase our goods, so exports to the region dropped. As a result of all of the information above, how would you respond to the following: Will the value of the dollar goes up or down if the following events take place? Explain your answer. More people in other countries want to buy computers and video games made in the U.S. More foreign tourists travel in the U.S. People in other countries stop buying U.S.-made cars and buy Japanese ones instead. Americans start spending more money on imported clothes, televisions and cameras.