Word: tradings
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Dates: during 1980-1989
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...Administration has long been pulled in different directions over its trade policy toward Japan. While State Department and National Security Council officials stress Nakasone's role as a faithful ally, the Commerce Department and U.S. Trade Representative Clayton Yeutter want to persuade Japan to open its markets more to American goods. In recent weeks the Administration has been using a double-edged strategy of showing understanding for Japan but pressuring the Japanese to do better...
...value of the yen, which has jumped more than 90% since October 1982, has hurt many Japanese companies and pushed unemployment toward 3%, a postwar high. In April the Reagan Administration slapped a 100% tariff on $300 million worth of Japanese electronics goods in retaliation for alleged trade misdeeds, which seemed to belie any special relationship between the two leaders. Then two weeks ago the Japanese parliament forced Nakasone to withdraw a cherished plan to impose a sales tax. The controversial measure was part of a broad effort to stimulate the economy by reforming the tax system. The setback placed...
Reagan could easily understand Nakasone's political troubles because he has plenty of his own in the wake of the Iran-contra scandal. In addition, Reagan has to deal with a Congress that has become increasingly protectionist. As America's trade deficit has steadily grown, political leaders have become more and more vocal in their demands for a halt in Japanese imports. Tokyo last week released new figures showing that Japan's worldwide trade surplus ballooned to an astonishing $101.4 billion in the twelve-month period that ended in March. Some $52 billion of that bulge came from trade with...
Reagan was pushing that two-track approach last week even before Nakasone arrived. Speaking to the U.S. Chamber of Commerce, the President attacked a restrictive trade proposal put forth by Representative Richard Gephardt, a 1988 White House hopeful. The Gephardt plan was an amendment to a House trade bill that would force countries that pile up huge trade surpluses with the U.S. through unfair trade practices to slash the imbalances by 10% a year or face a barrage of withering sanctions. Reagan described it as a "particularly bad proposal." But in the same speech the President called on Japan...
While Nakasone was flying to Washington, the House of Representatives passed the Gephardt amendment by a vote of 218 to 214. This signaled that the U.S. was getting tough with Japan. Said Gephardt: "The vote said very clearly and unequivocally that we want a change in trade policy...