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Bottomlint1 of US-Japan Trade Accord
A superlative like historic' or momentous' woukin t obviously be the right prefix to the US-Japan trade accord, signed by the two econothic superpowers in Washington on Saturday The access to Japanese market gained by the US and other foreign firms in terms of the agreement would be limited It will be confined to govern ment purchases of a few stated items. The Japanese telecommunications, medical equipment. insurance and glass markets would be partially open to the US companies. This could at best help the US square up with one-third of the 60 billion dollar trade deficit she annually has with Japan. That also if the US sales should actually materialise in Japan. The US has failed to get Japan to agree on opening its market of automobiles and auto-parts to the US manufacturing houses which was the real bone of contention, as these accounted for two-thirds of Washington's annual trade gap with Tokyo.
It looks like a face-saving accord both fot the US and Japan. There was this deadline pressure from the USA that if Japan were to fail to give access to the USA by September 30. the US would categorise her as an unfair trader under Super-301 law and put a ban on the Japanese exports. The last minute deal, made gfter 15 months of bickering, by the Japanese foreign minister and trade minister Yohei Kono and Ryutaro Hashimoto respectively, and the US trade representative Mickey Kantor on the other side, obviated what was certain to be a worse turn in the trade war between the two countries with sanctions looming large on Ja’pan.
But the clouds have not all been lifted from the horizon. Talks will go on for the next 12 to 18 months centring on the unresolved question of the US gaining access to the Japanese internal market of cars and auto-parts. So. Japan seems to be on probation, as according to a US spokesman, she could still be listed as a country to be watched closely for possible future sanctions.
Both the countries are stopping short of making a clean abreast of the domestic considerations that are really weighing with them not to be fully obliging to each other. Ostensibly, the Japanese government and corporate leadership are complaining of US pressure for managed trade under a regime of pre-set targets while the US is unrelenting in its battle of words with Japan. It is said, language is a device to hide thoughts. Seldom has one found the true reflection of this adage as one does while sifting through the words both Tokyo and Washington have used in their trade diplomacy.
Japan is investing the surplus dollars in the USA to buy government bonds, real estate, other kinds of property and perhaps businesses. These may work to the advantage of the US economy in the long run. But in the short term, the continuing lack of demand for major American goods in the Japanese market is threatening to exacerbate the unemployment problem by forcing the closure and downsizing of many US industries and service-oriented companies. Unemployment can be a severely vote-cutting issue for the US presidential incumbent. Therefore, Clinton has been markedly more serious than his predecessor to reduce the trade imbalance with Japan. But his dilemma in being too harsh with Japan — like clamping any trade sanctions on her — lies somewhere else: he is on record to have committed to the ratification of the world trade liberalisation measures adopted through the Uruguay Round of GATT negotiations by the year-end. As for Japan, she may consider lowering the cultural barrier to buying more of US goods, if that is what she perceives is standing in the way of a better economic partnership with the US.