Word: japanization
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Dates: during 1960-1969
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RELATIONS between the two greatest industrial powers in the non-Communist world, the U.S. and Japan, are becoming increasingly strained. Japan's campaign to regain Okinawa is only a part of the problem. An acrimonious dispute over trade is moving to the point of showdown. The issue will be debated at a joint meeting of the U.S. and Japanese cabinet members in Tokyo this month, and again when Prime Minister Eisaku Sato meets President Nixon in Washington in November. The expanding argument centers on the protectionist policies of both countries, but the U.S. has brought the trouble...
While these moves have bruised feelings on all sides, no dispute is quite as emotional or contentious as that between the U.S. and Japan. The Japanese used to buy far more from America than they sold, but last year they sold $1.1 billion more to the U.S. than they bought (see chart, page 72). That was possibly the biggest trade deficit that the U.S. has ever registered with any nation. Altogether, Japan's exports in 1968 rose by 25%, and its shipments to the U.S. accounted for more than two-fifths of the gain. The reason, many aggrieved...
...textile quotas, they maintain a closed-door policy at home, shutting out considerable amounts of U.S. goods and capital. Two years ago, a committee of the Organization for Economic Cooperation and Development reported that "no other advanced country confronts the foreign investor with the sort of obstacles presented by Japan...
...trade talks last December, the Japanese were so uncooperative that the negotiations almost broke down. Out of dozens of items on the list for discussion, the Japanese agreed to liberalize imports of only chewing gum and pet food. In April, Japan eased restrictions on seven other items, but most were products as insignificant as boiled pig entrails. A veteran U.S. businessman in Japan explained with annoyance: "They said one day, 'Now you can make radios.' But when you read the fine print, it turned out that you couldn't bring in parts. You couldn't even...
...quotas, however, that the issue has become a test of its credibility. During his campaign, Nixon promised Southern voters that he would press for quotas, and now many businessmen believe that he owes them some import protection. The Administration has threatened to take unilateral action if it cannot persuade Japan and other trading partners to accept "voluntary" quotas. U.S. action could involve the revoking of textile-tariff concessions that have been granted in the past, or Congress could legislate quotas. Either way, a worldwide trade war might result, provoking retaliation not only by Japan but also by many other nations...