Word: importancies
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...opening Japan's markets to more imports: This is the most important point. There are various standards and requirements, safety examinations and testing, that are going to be improved-drastically. I have ordered such efforts. For example, on boats there are still complex procedures for import inspections that might be taken as harassment, and I have ordered drastic measures to simplify those procedures. I have also ordered an investigation into procedures for certifying the acceptability of products at the manufacturing site overseas. By approving the factory itself, all products from that factory could be imported freely into Japan...
...essentially valid; the logic of protectionism remains beguiling and essentially self-destructive. Consider one example of how protections can subvert the economy. The American machine-tool industry recently joined the lineup of those seeking protection from foreign competition. The industry has been seriously hurt by the recession and by imports of cheaper or better machine tools from Japan and other countries. Since machine tools are essential to a growing U.S. economy and to its defense, the toolmakers argue, import restrictions must be imposed so that the domestic industry can survive and supply other U.S. manufacturers with the equipment to modernize...
...seductive but wrongheaded argument. Import restrictions on cheaper or better tools would mean that the domestic industry would no longer be forced to match foreign competition. This would mean the U.S. manufacturers who buy machine tools would have to make do with more expensive, less sophisticated or less efficient American machine tools. Inevitably, those American manufacturers would produce more expensive, or less modern, products. Their competitiveness would suffer. They would lose sales both in the U.S. and abroad. Then those manufacturers would also be traveling to Capitol Hill to demand protection against "unfair" foreign competition. That kind of protectionist spiral...
Prime Minister Yasuhiro Nakasone [Dec. 6] is staunchly pro-American. Nevertheless, the U.S. will be disappointed if it expects Nakasone to respond quickly and fully to U.S. requests for increased Japanese military power and eased Japanese import restrictions. Rigid budget limitations make it difficult to step up defense spending, and stubborn farmers will resist more beef and citrus imports...
...good writer can construct a play out of cardboard and paste, and, in the right hands, even the flimsiest plot can be turned into an amusing and diverting evening in the theater. But such hands have not come anywhere near this English import, which opened on Broadway last week. Rarely has so very little been made of so very little...