• Short Summary

    Crucial trade talks between the United States and Japan are being held this week at the Japanese mountain resort of Hakone.

  • Description

    Crucial trade talks between the United States and Japan are being held this week at the Japanese mountain resort of Hakone.

    The two sides meet against background of growing concern in the United States at the imbalance of trade in Japan's favour. At the opening of the talks on Tuesday (25 July) President Nixon's chief trade negotiator Mr. William Eberle presented an estimate that the balance in Japan's favour this year would amount to between 3,800 and 4,000 million dollars.

    The Japanese agree there will be a considerable balance in their favour, but say it will total about 3,500 million dollars.

    A report from Hakone says the man difference between the United States and Japan is on the degree of conscious Japanese effort needed to reduce the size of their trade surplus. The United States wants Japan, for instance, to remove the quote on imports and capital investment.

    Both sets of officials are aware that unless moves are made to redress the trade imbalance between the United States and Japan thee could be a further growth of protectionist sentiment in the United states Congress which in turn could affect the passage of a trade bill early next year.

    SYNOPSIS: The sale of Japanese dressed in a New York store -- a small part of a Japanese sale drive in the United States which this year will result in the biggest ever trade imbalance between the two countries, in Japan's favour. The United States is a great consumer market - and Japan a great producer of consumer goods, like these cars on a production line at Zama City. The size of the trade imbalance -- estimated by United States economists as up to four thousand million dollars this year -- is a major topic of discussion at the present trade talks being held in japan. Gleaming new cars in a New York showroom are all Japanese and their growing number concerns United States officials who want to see greater freedom for United States goods in Japan.

    Japanese stainless steel in another of the products which since the post-war reconstruction of Japan have enjoyed easy access to the huge American market. The goods are of high quality, and are very often cheaper than locally produced items.

    Electrical goods form a major pat of Japanese sales to the United States. Miniaturisation has become a fine art with the Japanese and their radios, clocks and television sets are in great demand. However, while sales of Japanese goods continue unabated. United states officials this week urged Japanese expects to take action to redress the trade imbalance. Both sides are aware that a continued massive balance in Japan's favour will encourage protectionist sentiments in the United states Congress which could in turn have an effect on the Trade Bill due to be debated early next year.

  • Tags

  • Data

    Film ID:
    VLVA4XVNMWOCIMGTSAW432D589YMZ
    Media URN:
    VLVA4XVNMWOCIMGTSAW432D589YMZ
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    25/07/1972
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:29:00
    Time in/Out:
    /
    Canister:
    N/A

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