Net exports have been a drag on U.S. growth; indeed, in the second quarter, net exports deducted (in an arithmetic sense) a hefty 1-1/2 percentage points from U.S. real GDP growth.
At the time, inflationary expectations were exploding and it became very difficult to know what nominal interest rates should be. It was easier for the Volcker Fed to set the rate of monetary expansion at a sustainable long-term value consistent with stable prices and let nominal interest rates find their own level. One would make a different claim on the deflation side.