Word: protectionists
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Nonetheless, it is very much in the U.S. interest to do everything it can to encourage Deng's reforms by opening its own markets to China's exports and smoothing China's entrance into the free-world trading system. That will not be easy, in view of protectionist pressures in all industrialized nations, including the U.S. A glaring example of what not to do is the Jenkins bill, named for Georgia's Congressman Edgar L. Jenkins. The bill, which calls for restrictions on textile imports from China and other Asian nations, passed both houses of Congress, but Reagan killed...
...reinterpret Europe in terms of the shifts that are taking place in the global economy. We've got to demonstrate why European unity and integration, our vast single market, our single currency, equip us with the strength to embrace globalization. Why are we seeing protectionist tendencies emerging in Europe and the u.s.? It is because all our economic certainties are being eroded. In the space of a decade, China and India have emerged as dramatic, dynamic competitors. Over here and in America, there is a sense this has put our jobs and livelihoods at stake, that we've given away...
...differential won't be erased by a small rise in the yuan's value (say 5%), and they recognize that the Chinese are unlikely to go along with a more consequential one (say 25%). But the Administration feels some heat needs to be put on China to ward off protectionist measures in Congress. Indeed, Alan Greenspan pointed out last week that revaluing the yuan won't help the trade imbalance because U.S.-made products will still cost more than those from China, Thailand and Malaysia. "We will be importing the same goods," he said. China responded to the pressure late...
JAPAN. The focus of the American protectionist furor is Japan, which racked up a $37 billion trade surplus with the U.S. last year. Trying to curb that imbalance, Prime Minister Yasuhiro Nakasone has moved in 1985 to modify regulations that block imports and has gone on national television to urge the Japanese people to buy foreign goods. Nakasone also hopes to spur imports by stimulating the Japanese economy. Last month the government unveiled a program to boost real estate development and ease restrictions on consumer loans...
...exchange rates. But the staggering U.S. budget deficit and resulting high interest rates pushed the dollar steadily upward. By last March, the dollar was more than 80% stronger than in 1980. Foreign goods became cheap, and American products became dear. Result: a staggering trade deficit that led to strong protectionist sentiment on Capitol Hill. Even successful multinational corporations have been hurt by shifting currency rates. Complained Paul Orrefice, president of Dow Chemical: "Nothing hurts business like the uncertainty we confront on the foreign-exchange markets...