The Year in Preview

From Midwest beef ranchers to Silicon Valley software titans, the biggest question mark for 1998 will be how seriously their markets will be hurt in Asia. This is of particular concern in California, since Japan, South Korea and Southeast Asia are among our largest and fastest-growing markets and a major source of investment. China’s stability is also in question since it faces stepped-up competition from Asian neighbors with weakened currencies. Asia’s economic chaos has rocked markets and bolstered protectionist concerns around the world and threatens the Clinton administration’s hopes of expanding its free-trade regime to Latin American countries next year.