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...Okinawa to Japanese control. With the same strong-arm threat of mandatory quotas, the U.S. forced similar agreements on South Korea, Taiwan and Hong Kong last week. In return, the U.S. lifted the 10% surcharge on textiles from all countries. Except for steel, goods that are restricted by import quotas are exempt from the surcharge, and under rules of the General Agreement on Tariffs and Trade, a duty removed from products of one country must be removed for all countries...
...agreement will wipe out some jobs, and even though the Tokyo government stands ready to provide $700 million to buy up surplus spindles and outdated machinery, Japanese textile manufacturers are not mollified. Last week they organized rallies throughout Japan eclipsing the anti-import rallies staged earlier in the U.S. MITI experts estimate that Japan's textile sales to the U.S. will drop to $530 million a year, from a recent high rate of some $560 million-to say nothing of the $750 million that might have been reached without restrictions. However drastic, that reduction will not save many jobs...
...probably stay in power, but much rancor against the U.S. will remain. About the best that can be said of the settlement is that it frees both U.S. and Japanese officials to concentrate on weightier matters-revaluation of the Japanese yen, for example, and removal of the U.S. 10% import surcharge on all foreign goods. Americans and Japanese can only hope that on those issues both sides will have more of a feel for the other's sensibilities than they have shown in the sorry textile mess...
Most of the guests were deeply and fearfully convinced that if the U.S. does not soon remove the import surcharge and other restrictive trade barriers, its trading partners will retaliate with similar measures. Some argued that until the surcharge is scuttled, the world will not find an effective solution to its monetary problems. All agreed that moves made in the next three or four months are crucial, because they will determine whether tensions rise or fall. But the Europeans' fears were soothed somewhat by their interviews with American political and business leaders...
...Real wages in the private sector. The shortages of labor caused by mobilization, combined with the increased demand for labor for military construction, together with the abundant import policy have resulted in a level of real wages that is high in relation to the country's productivity and stage of development. If the market system is allowed to operate, and exchange rates are relied on to achieve international balance, wages could find their appropriate level...