Word: tradings
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Dates: during 1980-1989
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Washington unsheathed the newest weapon in its trade arsenal: a law requiring the U.S. Trade Representative to single out countries that systematically restrict American access to their markets. Encouraged by frustrated U.S. trade groups and corporations, legislators had Japan in mind when they passed the provision -- dubbed Super 301 -- as part of last year's trade bill. After listening to the conflicting advice of his evenly divided Cabinet, Bush responded to the prevailing protectionist mood in Congress and gave Trade Representative Carla Hills the go-ahead to put Japan on the Super 301 hit list, along with Brazil and India...
...Super 301 muscle firmly enough. They contended that Japanese barriers extended well beyond the three areas cited, to items ranging from cellular phones and medical equipment to fish products and aluminum. "The Administration's feeble use of the Super 301 provision comes in the face of our continuing trade deficit," said Missouri Democrat Richard Gephardt, whose tough trade proposals gave rise to the Super 301 legislation. "((Bush)) has signaled to the world that he will take ((Japan's)) trade abuse lying down...
...ominous. Foreign Minister Sosuke Uno called in newly appointed U.S. Ambassador Michael Armacost to protest Japan's inclusion on the list. "As a result of many market-opening measures, the Japanese market has now become wide open," he insisted. "None of the identified ((restrictions)) can be considered to constitute trade barriers...
...America, from cattle ranches to skyscrapers. And in the eyes of the most frustrated Americans, no amount of prodding seems to persuade Japan to change its self-interested habits. "Protectionism has developed momentum as people realize that the promises of the Japanese government to do something about the trade deficit have not been fulfilled," says Frank Gibney, who has written several books about Japan...
...longer," says a foreign banker in Japan. Jagdish Bhagwati, a professor of economics at Columbia University, talks of the "diminished-giant syndrome." A committed free trader, Bhagwati warns that the impulse of declining empires is to throw around their diluted power with such potentially self-damaging measures as trade barriers...