Word: tradings
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Dates: during 1980-1989
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This idea that the U.S. is responsible for many of its own trade difficulties, whatever practices the Japanese follow, runs through comments by many people much less expert than Henson on world economics. Says Sheila Saunders, office manager for a monthly magazine in Atlanta: "There was not enough foresight to see that Japan would eventually outproduce us. Basically, we did not meet the competition. We need to advance our technology to produce quality products cheaper...
...anti-Japanese rhetoric so currently fashionable in Washington. The public is worried about Japanese competition, disposed to believe that much of that competition is unfair, and willing to consider some limited retaliation. But it has considerably more than a sneaking suspicion that much of the blame for the American trade deficit can be placed right within the borders of the U.S., and it is in no mood to give up its Sonys, Toyotas or Minoltas. Congress and the Administration are impressed by the cries of protectionist lobbyists and justifiably annoyed by the frustrations of negotiating with the Japanese...
Dumping is a topic that only an international trade lawyer could love. The basic concept is simple enough: dumping is selling a product for less than the cost of making it. That has been a world-trade problem ever since mass production made it easy for companies, inadvertently or otherwise, to turn out more goods than customers want. When stuck with anything from too many dolls to excess semiconductors, manufacturers often sell the products in other countries at very cheap prices rather than throw them away...
Dumping, however, can become a jungle of complications once lawyers or government bureaucrats get together and try to figure out what really happened. A trade negotiator in Tokyo says the U.S.-Japan semiconductor agreement, for example, is like the jewel beetle, an iridescent insect whose hue changes depending on which angle it is viewed from. "One guy thinks it's green," he says. "Another says it's blue...
...Japanese capacity for change is nothing short of astounding. When Commodore Matthew Perry sailed a squadron of U.S. naval ships into Japan's waters in 1853 and demanded an opening of trade, the Japanese reacted swiftly. They cast off 250 years of rigid isolation and rapidly transformed their island nation from a feudal to a modern state. The Japanese again proved chameleon-like following their humiliating surrender at the close of World War II. Under the watchful eye of General Douglas MacArthur, the head of the occupation forces, they abandoned militarism, established their unique brand of capitalism, and quickly turned...