Word: nontariff
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Dates: during 1970-1979
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Despite repeated promises by the Japanese to dismantle their myriad nontariff barriers and allow more foreign goods into their potentially rich market, Japan's trade surplus continues to pile up. Last year it rose to $24.6 billion, from $17.3 billion in 1977. Imports of Toyotas, Sony TVs, Nikon cameras and other Japanese goods to the U.S. outpaced American exports to Japan by $13 billion, accounting for fully a third of the American trade deficit...
Still, some Administration officials fear that Congress, in its present impatient mood, could take severe action against Japanese imports. Anger at Japan's nontariff restrictions has been intensifying in both the U.S. and Europe. Congressional leaders have warned that unless Japan moves more quickly to cut its surplus, Congress will impose a 15% tariff surcharge on Japanese goods, and take other retaliatory steps. Says Senator Lloyd Bentsen of Texas: "I can see no good reason for the U.S. to commit economic harakiri on the altar of a bogus free-trade relationship...
Some elation was justified. Since the talks began in Japan in 1973, explosive oil prices and recession have plagued many countries, and they have sought to protect their industries by raising all kinds of nontariff hurdles. Though world trade continued to expand, reaching an estimated $1.3 trillion last year, the rate of growth slowed, causing concern that the global economy would stagnate. Until about two years ago, when Robert Strauss arrived on the scene as the special U.S. representative, the trade talks were going nowhere. Strauss's closeness to President Carter gave him entree to top foreign leaders...
...major gain is a series of new international codes aimed at the worst of some 800 nontariff barriers. The codes seek...
Most infuriating for foreign sellers are Japan's myriad nontariff, nonquota trade barriers, many of which remain firmly in place. One of the most effective hurdles is Japan's all but impenetrable, multi-layered distribution system, largely controlled by the giant trading houses. After the many middlemen take their cuts, the price of a U.S.-made refrigerator passing through the distribution network can cost the consumer up to $1,000. Government "testing" of imported autos has also been a sore point for U.S. and European carmakers, mainly because Japanese standards are often set capriciously. Says U.S. Trade Representative...