In spite of the Bretton Woods agreement, United States (U.S.) officials suspended gold convertibility and imposed a ten percent surcharge on imports in August 1971. This prompted the G-10 Smithsonian Agreement, a temporary agreement negotiated in 1971 among the ten leading developed nations in the world. The agreement pegged the Japanese yen, the Deutsche Mark, and the British pound sterling and French franc at seventeen percent, fourteen percent, and nine percent, respectively, below the Bretton Woods parity. These proved unsustainable. Later in 1971, U.S. officials permanently floated the dollar; a second devaluation of the dollar against major currencies and a permanent “float” of major European currencies against the dollar followed in February 1973. When the dollar fell in value, the U.S. did little to slow or reverse the fall; this dollar slump incentivized European and Japanese officials to deliver expansionary policies.