Word: surpluses
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Last week Gephardt was waging a trade war on two fronts. In Congress, he was pressing for passage of the Gephardt amendment, which would add protectionist teeth to the pending trade bill by mandating quotas or tariffs if a rival nation sustained a large trade surplus with the U.S. and refused to eliminate unfair practices. Campaigning in Iowa, he became the first Democratic contender to challenge Hart aggressively on a major issue. Somewhat unfairly, Gephardt linked Hart with Ronald Reagan: "Frankly, I'm disturbed that the front runner in our party echoes the President and offers nothing new on trade...
...worth of sanctions in place, Japanese and American officials were scrambling to defuse tensions. As a prelude to Prime Minister Yasuhiro Nakasone's visit to Washington this week, Special Envoy Shintaro Abe was dispatched to the White House to outline a plan to reduce Japan's $59 billion trade surplus with the U.S. Meanwhile, a U.S. delegation in Tokyo urged the Japanese to lower barriers to American goods...
...former Foreign Minister, asked Reagan to remove the 100% duties that the President had slapped on a variety of Japanese color televisions, computers and power tools on April 17. Abe outlined a series of economic proposals -- aimed at reducing his country's irritating surplus -- that Nakasone will present during his visit. The measures involve sustained efforts to boost Japanese consumer demand and thus imports. Japan also plans to encourage the lending of perhaps as much as $30 billion to Third World debtor nations. The prospect of the changes, however, did nothing to strengthen the U.S. dollar: last week it fell...
Another U.S. trade team fared better in South Korea. Commerce Secretary Malcolm Baldrige struck an agreement with South Korea last week that eased tensions caused by Seoul's $7.1 billion trade surplus with the U.S. South Korea vowed to increase imports of American computers, and in exchange the U.S. pledged not to restrict imports of Korean-made autos, machine tools and semiconductors. The South Korean government also announced measures aimed at boosting imports. Warned Baldrige: "We will be watching the implementation of this new policy very closely...
...reference to pressures in Congress for tougher measures against Japan, which had a $58.6 billion surplus in U.S. trade last year, Reagan said, "We recognize the domestic pressures that play a part in the decision-making processes of our respective countries...