The Secretary of the US Treasury, Donald Regan, arrived in Tokyo on Friday (20 November) for discussions on trade with Japanese Prime Minister Zenko Suzuki and other high-ranking officials.
GV EXTERIOR Prime Minister Suzuki's residence.
INTERIOR PULL BACK SV Suzuki talking to Regan.
CU PULL BACK GV Regan and officials leave room.
GV Regan rising to speak.
SV Regan addressing diners. (2 SHOTS)
SPEECH TRANSCRIPT: REGAN: "During many of the trade talks between our two countries, there has been a repeated request by the Japanese to - of us to specifically tell them what barriers are we talking about, what is it that prevents you from trading with us, tell us. This letter was an attempt to pat onto a piece of paper the very specific areas where we think progress could be made in lowering or repealing trade barriers - that's why we wanted to et it onto paper. Now, there's a final point of your question is, is this problem reaching a critical area? I would say the time is growing short.
"I urged the Prime Minister this morning to take the initiative, just as President Reagan has taken the initiative in the S.T.A.R.T. talks, that is the Theatre Nuclear Weapons in Europe with the Soviets, where he has taken the initiative, I urge Premier Suzuki to do the same thing in this economic problem area - rather than to let it faster. That he take the initiative to see what he can do to remove this because, as we are in a recession in the United States,it is only inevitable that there will be cries, both by those who are unemployed, by the business people whose factories are shutting down, by members of Congress whose constituencies are affected by this, to want to get more protectionism in the United States - and I think that would be very, very bad."
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The Secretary of the US Treasury, Donald Regan, arrived in Tokyo on Friday (20 November) for discussions on trade with Japanese Prime Minister Zenko Suzuki and other high-ranking officials. The US had sent Japan proposals for opening up the japanese market to more foreign goods, but a special meeting of the japanese cabinet council failed to agree on fresh measures. Mr. Regan has urged the Japanese government to act quickly to reduce its huge trade surplus with the US and head off growing pressure for protectionist measures.
SYNOPSIS: Mr. Regan met with the japanese Prime Minister, at his Tokyo residence. Before-hand, Mr. Suzuki had told a parliamentary committee that such tariff changes as requested by the US would greatly affect other countries. Mr. Regan told his hosts the recession in the United States made it inevitable that calls for barriers against Japanese imports would grow. He estimated Japan's trade surplus with the US could grow to 20 billion US dollars by next year. he said that the US believed in free trade, but fair trade.
Mr. Regan then outlined his talks with Prime Minister Suzuki.