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...mutual antagonism had deadlocked previous meetings, showed a new amity. The Europeans agreed to press for a devaluation of the U.S. dollar, to be accomplished by raising the price of gold as part of a general currency revaluation. They also resolved to call for speedy abolition of the U.S. import surcharge in any overall trade deal...
...politeness, however, both sides were quite firm and explicit in restating the chasmal disagreements between the two nations. Rogers, speaking "directly and candidly," demanded a substantial revaluation upward of the yen, elimination of Japanese restrictions on U.S. imports and a "dramatic" increase in Japanese aid to developing countries. Japanese Foreign Minister Takeo Fukuda, who is a leading candidate to replace 70-year-old Prime Minister Eisaku Sato, was prepared to make one concession. He announced that Japan will remove import quotas on several U.S. products, including soybeans, light aircraft and air conditioners. But he was adamant in rebuffing demands that...
...valid is the charge that the U.S. is unfairly treated in world markets? Administration officials contend that while America has freely opened its markets to outside competition, its trading partners have thrown up import quotas and other barriers...
Tokyo imposes import quotas and other restrictions on 80 items, including tobacco, rice, wheat, electronic components and computers. Almost anybody who tries to sell to Japan has to put up with a tortuous process of securing bank-issued licenses and coping with health restrictions (common American food additives are banned) and petty labeling requirements (all figures must be in the metric system). Even more vexing to U.S. businessmen are the straitjacket rules on foreign investment. For example, outsiders are still forbidden to own more than 50% of practically any Japanese firm. These barriers have held U.S. business investment in Japan...
...novice in artfully constructing import hurdles. Mandatory or "voluntary" quotas limit imports of steel, oil, cotton textiles, meat, sugar and dairy products. "Buy American" legislation bars the 'Government from purchasing foreign goods unless the price is 6% below that of comparable U.S. products. The "American Selling Price" system permits duties on benzenoid chemicals used in dyes and vitamins to be set not on the price of the import but on the cost of making the same chemicals in the U.S. Europeans complain that overly severe American health rules keep out many farm products...