Word: japanized
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Dates: during 1950-1959
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Herter's carefully prepared speech fore-shadowed a determined campaign by the Eisenhower administration to persuade prosperous European nations, as well as Japan, Canada, Australia, and New Zealand, to increase substantially their spending in Africa and Asia...
...Picture. In Santa Barbara, Calif., Lutheran Minister Conrad Braaten confidently addressed the Kiwanis Club on the subject, "Glimpses of the Political, Economic and Religious Aspects in Hong Kong, India, Japan, Middle East, Kenya and East Germany...
They then let down quota barriers against U.S. goods, responding to Under Secretary of State Douglas Dillon's warning (TIME, Nov. 9) that they would face a "resurgence of protectionism and restrictive action" if they did not. Britain, France and Japan agreed that the time has come for thriving nations to scrap discriminatory trade restrictions against the U.S. born of postwar dollar shortages. In many cases the changes were more psychological than real, for tariffs or market conditions will continue to exclude what quotas do not. Still, the U.S. was only hoping to boost exports 10%. As for Washington...
...Japan announced that within 16 months it will cancel restrictions on a wide range of dollar imports, including bourbon (though the Japanese prefer Scotch), TV sets, household appliances, autos and cosmetics. Biggest item will be liberalization of such vital U.S. supplies as soybeans, scrap iron, hides and tallow, which should capture an even bigger share of the Japanese market, boost total U.S. sales to Japan by 5% ($40 million...
Though domestically produced goods in Europe and Japan tend to be cheaper and better tailored to national tastes than most heavily taxed U.S. imports, some governments may even prefer to see real competition in some fields, e.g., textiles, rather than U.S. retaliation against their own dollar exports. Another effect of quota relaxations may be to prompt U.S. manufacturers to design goods specifically for European markets. Competition, said Antoine Pinay, is "the best of stimulants and the most effective of disciplines...