U.S. Japanese trade deficit
Krogh, Peter F. (Peter Frederic)
Person InterviewedAllen, Richard V.
Examines the growing trade deficit and America’s trade relations with its biggest competitor, Japan.
Guided by the belief that international trade provides American consumers with more choices and keeps prices in check through healthy competition, the United States has traditionally stood for free trade among nations. Yet in the 1980s, America began to experience the darker side of international trade: a massive trade deficit, mostly with Japan. Out of every dollar that Americans spent on goods in 1985, roughly 20 cents went toward items purchased from overseas. As American imports grew, exports failed to keep pace, causing alarm among American economists and politicians. Policymakers were determined to cut the increasing trade deficit, and turned their attention towards the Japanese auto and electronics companies that formed the bulk of Japan’s export machine. As protectionist sentiment rose in Washington, some observers questioned the United States’ move away from the free trade environment it had worked so hard to create. In this episode, American Interests examines the growing trade deficit and America’s trade relations with its biggest competitor, Japan. Featuring Richard Allen, former National Security Advisor to President Reagan, journalist Karen Elliott House of the Wall Street Journal, and Madeleine Albright, Georgetown University professor and future Secretary of State.
Asia; East Asia; Japan;
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