Word: traded
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Dates: during 1960-1969
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...dispute is quite as emotional or contentious as that between the U.S. and Japan. The Japanese used to buy far more from America than they sold, but last year they sold $1.1 billion more to the U.S. than they bought (see chart, page 72). That was possibly the biggest trade deficit that the U.S. has ever registered with any nation. Altogether, Japan's exports in 1968 rose by 25%, and its shipments to the U.S. accounted for more than two-fifths of the gain. The reason, many aggrieved U.S. businessmen contend, is that Japan has been flooding American markets...
...trade talks last December, the Japanese were so uncooperative that the negotiations almost broke down. Out of dozens of items on the list for discussion, the Japanese agreed to liberalize imports of only chewing gum and pet food. In April, Japan eased restrictions on seven other items, but most were products as insignificant as boiled pig entrails. A veteran U.S. businessman in Japan explained with annoyance: "They said one day, 'Now you can make radios.' But when you read the fine print, it turned out that you couldn't bring in parts. You couldn't even...
...chief cause of the deterioration in the U.S. trade balance has been inflation, which raises the price of U.S. goods and increases the lure of foreign products. Many a family has stretched its clothing dollars by turning to inexpensive Japanese blouses, shirts and suits. Shutting out imports, trade experts believe, would only perpetrate inefficiencies and inflationary policies...
...issue has become a test of its credibility. During his campaign, Nixon promised Southern voters that he would press for quotas, and now many businessmen believe that he owes them some import protection. The Administration has threatened to take unilateral action if it cannot persuade Japan and other trading partners to accept "voluntary" quotas. U.S. action could involve the revoking of textile-tariff concessions that have been granted in the past, or Congress could legislate quotas. Either way, a worldwide trade war might result, provoking retaliation not only by Japan but also by many other nations against a wide range...
...Administration, however, prefers to rely on the courts rather than on Congress. William J. Boyd, chief of the Federal Trade Commission's mergers division, notes that the courts almost always rule in favor of the Government in merger cases. Boyd feels sure that "despite the changing composition of the Supreme Court, the Government will continue to win its merger cases." He has reason to think so. In a major suit involving Reynolds Metals Co. and Arrow Brands, Inc., in 1962, the presiding judge declared that the Government has sufficient grounds to break up a merger that merely...