Word: tradings
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Dates: during 1980-1989
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When President Reagan imposed trade sanctions against Japan last month, the prospect was raised of an all-out economic war between the two nations. Last week, with the $300 million 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...
...conversations with Nakasone and other officials in Tokyo, U.S. Trade Representative Clayton Yeutter and Agriculture Secretary Richard Lyng urged Japan to act quickly to open markets. Still, the Japanese refused to discuss with the U.S. any lifting of an import ban on rice, a staple of the local economy. Said Lyng: "We are not going to wait forever...
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...
Despite Washington's unhappiness over trade, there was some good economic news last week. The Commerce Department reported that the U.S. economy, which grew at a sluggish 2.5% rate last year, expanded at an annual rate of 4.3% for the first three months of 1987. But the seemingly strong showing, largely due to an increase in unsold goods, may be reversed in the second quarter. If so, U.S. officials will feel even more pressed to find a resolution to the troubling trade issues...
Commercial banks fight investment firms over the 1933 Glass- Steagall Act, as old- fashioned bank lending loses out to Wall Street' s creative financial techniques. In the balance may be the fate of the $2.7 trillion banking industry. -- The U. S. and Japan scramble to defuse trade tensions. -- Meet George Soros, Wall Street' s most successful investor...