Word: surpluses
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...nations, is pursuing a broad-based program of economic expansion from which everyone else is benefiting. Japan, for example, has kept its factories humming despite slow domestic economic growth, mostly by selling cars, TVs, steel and other products to the U.S. Consequently Japan is running an $8.5 billion trade surplus with the U.S., drawing American protests against the Japanese trade barriers that keep U.S. and other imports...
West Germany is also running an international surplus, but unlike Japan, it maintains few barriers to imports. More to the point, West Germany's trade with the U.S. is several hundred million dollars in deficit, and the nine countries of the Common Market as a whole imported $3.6 billion more from the U.S. than they exported to it in the first nine months of this year. As a result, Europeans are understandably resentful of Washington's feeling that they are somehow or other sponging off U.S. expansion and are particularly wary of calls to pump up their...
While leaving the door ajar for further negotiations, top officials of the Carter Administration last week politely but firmly turned down a set of proposals from Tokyo for reducing Japan's huge international trade surplus. By keeping out foreign goods and saturating world markets with their products, Japan has piled up a surplus that this year is heading toward a record $15 billion, and this is hindering growth and increasing unemployment in the U.S. and Western Europe...
...doubled, to 2,000 Ibs. in the current fiscal year-a laughably small amount, given the hunger of both Japanese and visiting foreigners for steaks and roasts. In all, the Japanese proposals did not satisfy the American demand for an early, one-third reduction in Japan's trade surplus with the U.S., which is expected to reach $8.5 billion this calendar year...
...Japanese workers have been accustomed to guaranteed lifetime employment in the companies they joined fresh out of high school. Fukuda has announced two programs of higher spending to push up the economy, with little success so far. Yet the value of the yen, buoyed by the bloated trade surplus, has climbed 20.5% against the U.S. dollar this year and is expected to cut the competitive price advantage of Japanese goods in world markets. That would make the revival of the domestic economy even more urgent. Fukuda's new ministers are already working up a still more expansionary supplemental budget...