The policies of the Reagan administration have given us a badly distorted dollar, record trade deficits, an alarming slump in world trade and an unprecedented decline in our international competitiveness, while undermining the reliability of the United States as an overseas supplier and virtually ignoring the massive export subsidies, non-tariff barriers, local-content legislation and other restrictive practices of our trading partners.

To correct the distortion of the dollar, we must reduce the bloated Reagan budget deficits and cooperate with our allies to establish defensible ranges for currency values.

To bolster world trade, we need a realistic agenda for the Williamsburg economic summit: global economic growth, reform of the international banking and financial system and a fairer and more open regime of international commerce.

To restore America's credibility as a supplier, we must repudiate policy decisions such as the administration's pipeline fiasco and their destructive rewrite of the Export Administration Act.

To counter unfair foreign trade practices, we should insist on equal access to the markets of those who now sell freely in ours. We should fully fund the Export-Import Bank and the Commodity Credit Corp. and use them to match the export subsidies of our trading competitors.

Where restrictive policies of other nations have made the United States a dumping ground, we must respond with appropriate relief and legislation including domestic-content laws.

We must be ready to employ industrial policies to counter the targeted policies of other nations and to boost our competitiveness across the board. Selective policies, linked to pro-competitive commitments by both labor and management, may well be vital elements of such policies.