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The Cost of Protectionism |
| Section: CURRENT ISSUES / ANALYSIS |
| Author: Edward L. Hudgins |
| Publication: The world & I online |
| Issue Date: 2/1/1986 |
| Size: 4,520 Words, 27,947 Characters |
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The U.S. merchandise trade deficit in 1984 reached $123 billion, including a $37 billion deficit with Japan. Moreover the U.S. global trade deficit reached a record $148.5 billion in 1985, with a $49.7 billion deficit with Japan. The U.S.- Japanese trade gap has provoked strong emotional reactions in Congress and a torrent of protectionist proposals. The trouble is that these proposals would be very costly to the U.S. economy, consumers, and workers.
Concern over the trade deficit with Japan is, in a part, a reaction to its overall size. There is widespread confusion, however, about the actual meaning of the trade statistics. A merchandise trade deficit as such is not necessarily a problem; a new inflow of goods often accompanies a country's economic expansion. A merchandise deficit...
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... fundamental problems: offer to join Japan in a free-trade area agreement, to be phased in over a decade, in which both countries remove all barriers, formal and informal, to the trade and investments of the other. Such an arrangement not only would eliminate the basic trade problems with Japan but also would provide both countries a considerable boost in economic growth and prosperity. vbcrlf
(806 of 27,947 characters)
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