What was the purpose of the speech given by US Secretary of the Treasury James A. Baker in 1985?

In 1985, US Secretary of the Treasury James A. Baker delivered a speech primarily aimed at addressing the challenges of the U.S. economy, particularly the rising trade deficit and the need for international cooperation on currency exchange rates. He emphasized the importance of stabilizing the dollar and encouraged other nations to adopt policies that would foster economic growth and balance trade. The speech also highlighted the ongoing negotiations among major industrialized nations to address global economic issues collectively, marking a significant moment in international economic diplomacy.