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'US risks being a colony of Japan’

Chrysler boss urges sanctions on Tokyo
DETROIT, Jan 11: Chrysler Corp Chairman Lee Iacocca urged Washington on Friday to slap sanctions on Tokyo if the massive LIS trade deficit does not shrink and said the United States risks becoming a colony of Japan, reports Reuter
He criticised President George Bush s trade mission to Japan as yielding too little, way too hot." and said US had to act if the 41 billion dollar trade gap between the two
Evoking the spectre of Economic warfare, he said: "We need to use our own weapon. That means demanding a solution to the problem now and retaliating now if we don't get It."
lacocca declined to specify what form the retaliation should take.
"I don't want to get into specifics," he said. "I need some time to sort things out but I'll agree with the quotes 1 saw from (ford Motor Co Chairman Harold) Red Poling and (General Motors Corp
Chairman) Bob Stempel this morning: too little, way too little.'
He said more needs to happen on the trade front -and fast -- or the United States will end up serving a distant master.
"We ship them food and chemicals and raw material --Just like a colony. And they ship us value-added cars, and machine tools and electronics -- Just like a mother country," lacocca said in a speech at the Detroit economic club.
The Chrysler chiefs remarks won him a standing ovation from an audience of more than 2.500 people during the North American International auto show.
Detroit's big three carmakers -- General Motors, Ford and Chrysler -- are expected to suffer a loss of about six billion dollar for 1991. the biggest in US car history.
Japan, whose share of the US market rose to about 30 per cent In the same year, has
taken much of the blame for Industry woes, characterised by GM'S plan to lay off 74. 000 workers.
Criticism also has been leveled against U$ carmaker executives such as lacocca for granting themselves huge pay packages at a time when US jobs are being cut
lacocca s compensation package at Chrysler in 1990 totalled about 4.3 million dollar, according to Forbes magazine.
His speech cans after Bush and leaders of the US car Industry returned from a trade mission to Japan that won lukewarm reviews for its accompli thments at opening the Japanese market.
House of representatives majority leader. Democrat Richard Gephardt, last month unveiled a proposal to make Japan cut Its trade surplus with the United States by 20 per cent in each of the next five years
If the Japanese fall to reduce the trade deficit as
required by the proposed bill, restriction* on Japanese auto •ale* In the US market would
workers
Another report from New York adds: Japanese working in the United Stales on Friday mainly Judged President George B >ah * visit to Japan as a failure for the American Preslden-. but sympathised with hl* elforts to revive the ailing US auto industry, reports fteuler.
The Deputy General manager of Mitsubishi Trust and Banking Corp in New York. Ilaruya Uehara . though! the trip " a failure for Bush.
Uehara sympathised with Bush* efforts, saying the Preslden worked hard and "He even fell down in a faint for the big three.
The preslden I of Daiwa Securities America. Inc. Nobuo Yonetani said. "It was Miyazawa, not Bush, who benefitted from the trip "
He came out of the
encounter very well, considering what difficulties he had In Japanese polities, Yonetani raid
"Although Bush has been facing v< rious criticisms, he has cop -d well and worker hard, taking 2 1 (Business executives) In this way, 1 feel S sorry for him," Yonetani
There was little sympathy for lacocca who has made some of the most scathing comments about Japanese trade policies. Indeed, some Japanese wondered pointedly whether lacocca thought he had earned his 5 million dollar salary by Ignoring the advice of Japanese businessmen about how to raise the quality of American-made cars.
Hiroko Tsubota Gruson. an executive search consultant with AT Kearney Inc, said as part of her work with auto parts manufacturers she would now seek American quality control engineers who would work with Japanese car companies