Word: traded
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Dates: during 1970-1979
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Most car owners fret about how to coax another year out of the heap in the driveway, but there are still customers aplenty for the expensive, high-precision toys known in the automotive trade as exotic cars. Most of the buyers are men in their early 40s who are lured by names like Aston Martin, Maserati, Ferrari and Lamborghini that whisper freedom and promise sybaritic luxury. Oil-rich Arabs are big buyers: a member of the Saudi Arabian royal family this year paid $114,000 for two Lamborghini Countach-Ss lovingly built in Bologna. Sheiks and wealthy Japanese are queuing...
...begins to reduce the chronic trade deficit with Japan
...goods, ranging from golf clubs and fishing gear to pots and pans, jewelry, evening dresses and even slabs of sirloin steak. Displayed at specially constructed counters were some 8,000 items of U.S. goods from 145 companies. For the next two months, Boatique America will be a floating U.S. trade fair as it visits 13 different Japanese ports, selling a cornucopia of wares at prices that are bargain-basement by Japanese standards. The goal is not so much to make a quick killing as to introduce American goods to the Japanese people...
...businessmen and officials accustomed to a flood of manufactured goods coming out of Japan, the Japanese trade tour, organized by the Department of Commerce, is aptly timed. Last week on both sides of the Pacific, there were signs that the chill in Washington-Tokyo relations caused by the U.S.'s chronic and massive trade deficit with Japan was beginning to dissipate. Said Mike Mansfield, U.S. Ambassador to Japan: "It's been a good summer. I haven't heard the word protectionism for months." By contrast, he said, the previous two years had been "among the most difficult...
...mood was based on encouraging statistics. Says Mansfield: "In the first half of 1979, our exports to Japan were up 46% compared with a year ago. Our imports from Japan were up too, but only by 8.8%." Last year the U.S. ran an $11.6 billion deficit in its trade with Japan; in 1979 the figure is expected to drop to about $9 billion, a 25% decrease...