Word: hosokawa
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...posturing and tough talk were all it took to remedy the U.S.-Japan trade gap, everything would be fine by now. The grumpy Feb. 11 encounter in Washington between Bill Clinton and Japanese Prime Minister Morihiro Hosokawa has produced a surplus of bluster. "We will not modify our position," Hosokawa warned afterward. "It's just not acceptable for the United States to continue on the same path," Clinton warned back last week. But as both sides grumbled, they tried to keep the brinkmanship within bounds. "The intent and fact are to be measured and calm about this," insisted a White...
Scarcely had Hosokawa settled back in Tokyo than the White House struck. It announced that Japan had failed to comply with previous trade agreements by denying Motorola fair access to Japan's cellular-phone market. "This is a clear-cut and serious case of a failure by Japan to live up to its commitments," said U.S. Trade Representative Mickey Kantor. He promised that within a month his office would publish a list of Japanese companies that would be punished -- probably through tariffs -- if the situation is not remedied. One day later, Washington's case was bolstered by new Commerce Department...
...Japanese made their own threat to fight any sanctions by accusing the U.S. of a "betrayal of trust"in multinational negotiations to reduce tariffs. But even as the Japanese were applauding Hosokawa's refusal to cave in to Clinton, his government was calculating how to avoid a fight. Early in the week Tokyo was unnerved when the yen rose about 6% against the dollar while Washington stood by with arms folded. The upward pressure came from speculators counting on the U.S. to encourage a stronger yen to make American products cheaper in Japan. Because that would also cut into...
Clinton and Hosokawa can't agree on trade--and they...
Clinton and Hosokawa spar publicly as summit trade talks crash