Salem Press

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Spacio for 1dollar

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April · 3 volumes · pages · 8×10

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ISBN: 978-1-58765-518-0

List Price: $364

978-1-58765-527-2

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Historical of American Business

Japanese with the United States

The United States forcefully into a trade treaty Japan in 1853 to bolster its trade with China. that time until War II, Japan was an important U.S. partner, and after the war, exports helped rebuild Beginning in 1965, Japan to export more to the United than it imported, raising trade fears during the and 1980’s. By 2008, Japan had America’s fourth-largest trading

In the mid-nineteenth century, Japanese were closed to all but some and Chinese traders. However, business interests had begun across the Pacific Ocean China, so the United States to establish trade relations Japan to gain bases for its trade. On July 14, 1853, Navy commodore Matthew C. led a squadron of ships to land at a near present-day Tokyo. conveyed American demands for a agreement to a reluctant Japanese He was subsequently credited for opening to Western trade. Significant trade with the United began with the Tariff of 1866, which set import and duties, allowing only a 5 duty to be placed on goods to Japan, and permitted American to deal directly with Japanese counterparts.

Early

From 1866 until American businesses imported from Japan than exported. The first top imports Japan were raw silk, American factories turned consumer products, and tea for U.S. America exported primarily yarn to Japan. As natural-resource-poor embarked on industrialization, American like their Western counterparts, began to export iron, and steel to Japan.

Japanese trade was a welcome but by-product of America’s trade China. In 1866, American to Japan were worth $1 and imports from Japan $2 Trade with Japan for only 0.4 percent of U.S. By 1914, exports to Japan had $51 million, and imports from $107 million, raising share of America’s foreign to 3.6 percent.

Japanese trading companies sought to control the trade American businesses that was Japan’s rapid industrialization, so opened branches in the United The first to arrive was Mitsui which established an office in New City in 1879 and was soon by others.

Trade between and Japan led to collaboration on economic In 1899, Japan supported Open Door Policy to China accessible to international In 1904, American banks $350 million of Japanese war to help finance Japan’s 1904-1905 war with Russia. In the United States accepted tariff autonomy when country modestly raised duties.

Trade from to 1941

When World War I out in 1914, Japan joined the and increased trade with the States. The American and the Japanese were booming, but as of 1917, a difference remained in the importance of trade for each partner. trade accounted for 4.7 percent of trade, with American to Japan valued at $186 and imports from Japan $254 million. In contrast, the States was Japan’s largest partner with a share of 29 of all Japanese foreign trade.

As industry expanded, U.S. formed joint ventures to manufacture goods under licenses. Western Electric and General Electric (1905, were pioneers, followed in by the rubber company Goodrich. (1925) and General Motors set up factories in Japan. Other firms, such as Columbia United Steel and Signal RCA (1929), and Otis Elevator followed suit.

Japanese continued to form branches and in the United States to support trade with America. By the 1930’s, Yokohama Specie alone financed more 50 percent of Japan’s purchases in the States. Japanese ships 73 percent of its imports from and 63 of its imports to the United States.

the Depression hit, global shrunk. Due to demand caused by its aggression in China beginning in Japan continued to buy U.S. From 1932 until for the first time, U.S. to Japan exceeded imports Japan, and American businesses some much needed However, Japan was an ally of which entered into War II in Europe in 1939. The U.S. froze all Japanese assets in and launched an oil embargo after 1941, to protest Japan’s in China and Indochina. Trade was with Japan’s … on Harbor on December 7, 1941.

Postwar Trade Helps Recover

After the Japanese on September 2, 1945, the United conducted all Japanese trade August, 1947. American began exporting their to Japan again, and Japanese to the United States generated needed revenues for the island Until 1965, Japan more U.S. goods it exported to America.

American shored up the Japanese economic In 1949, Japan enacted the Exchange and Foreign Trade Law to protect its industries and set up the Ministry of Trade and Industry (MITI) to its exports. Japan welcomed the U.S. decision to fix the exchange at 360 yen to 1 dollar, making dollars abroad very valuable. To weakened Japanese companies takeover by foreign, primarily companies, the Foreign Investment Law was in 1950. Japanese banks and companies reopened their branches after 1951.

Japan regained sovereignty on 28, 1952, the United States Japan’s export-oriented trade This was done from a of strength and with the goal of a Cold War ally. The United supported Japan’s joining the Agreement on Tariffs and Trade and extended most-favored-nation status to in 1955. In 1961, the United accepted Japanese tariff that set low rates on desirable imports, such as raw materials and goods, but imposed barriers on that were being by Japan’s rebuilding industry. The States championed Japan’s a member of the Organization of Economic and Development (OECD) and the International Fund (IMF) in 1964. All of was done in the spirit of free with Japan, even American companies setting up offices in Japan, such as Business Machines (IBM), not transfer their earnings Japan to the United States.

Trade with Japan was and growing by 1964. American exported goods valued at $2 to Japan and imported goods $ 1.8 billion from Japan. with Japan accounted for 8.3 of America’s foreign trade.

The Balance Shifts

Since Japan has had a trade surplus the United States. That Japanese exports to the United worth $2.4 billion, exceeded American exports to worth $2.1 billion. In the States, the best-selling Japanese were radios and television liked for their high and low prices. By 1971, Japanese to the United States had almost to $7.3 billion, while exports to Japan merely to $4.1 billion. At this imports from Japan for 16 percent of all imports in the United

The steady growth of Japanese in the United States led to a series of countermeasures. American businesses Japanese reciprocity in free and objected to the many legal and barriers that protected manufacturers and markets. Beginning Sony Corporation in 1970 and until 1974, U.S. charged some Japanese with dumping products, or them below cost, in the States. Japan received its shock when President Nixon slapped a 10 percent surcharge on all Japanese imports to the States in 1971.

Trade

The 1973 oil crisis made vastly more expensive and U.S.-Japanese trade friction. Japanese cars became a hit in the States, taking market from U.S. auto To earn money to pay for the rising of oil, all of which it must Japan pursued the American with tenacity. Even as exports to Japan jumped $5 billion in 1972 to $10.5 by 1977, Japanese imports to the States doubled from $9 to $18.6 billion. This was generally conducted by Japanese that handled 86 percent of exports to the United States and 94 of U.S. exports to Japan in

Japanese businessmen and politicians not oblivious to the changing mood in the States. One alternative was for Japanese to manufacture directly in the United Sony was the first to open a television plant in America in By 1979, five other companies had begun manufacturing in the United States. Japanese direct investment in the United rose from $0.3 in 1973, or 1.4 percent of foreign in the United States, to $4.3 in 1980, a 6.2 percent share.

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The States confronted Japan the barriers to its domestic market the GATT Tokyo Rounds 1973 to 1979. Although was made in eliminating Japanese protectionist measures and Japan its market to U.S. bulk pharmaceuticals, computers, and semiconductors, agriculture remained protected and administrative barriers remained. In Japan agreed to voluntary on the export of color television and later of steel and automobiles, to the States.

The abolition of Japan’s Investment Law and the liberalization of its Foreign and Foreign Trade Control Law in freed more Japanese to invest abroad. New Japanese-owned in the United States such as of Honda (1982) and Toyota created jobs for Americans. American apprehension over vital national security canceled the Fujitsu purchase of manufacturer Fairchild Semiconductor in

As the Japanese trade gap with the States widened from $10 in 1980 to $46 billion in 1985 and trade accounted for 15.6 of U.S. foreign trade, the States sought to balance the through a variety of economic initiatives. From 1984 to the Market Oriented Sector (MOSS) talks covered the issue of U.S. access to markets in four key fields. Two agreements strengthened the yen versus the in 1985 and 1987.

U.S.-Japanese frictions reached their during the 1988 U.S. primaries, when Democrat Gephardt charged that Japanese barriers made K-car too expensive in Japan. passed the Trade Act of 1988, which Japan was charged unfair trading in three fields. The 1989 Structural Initiative led to a series of agreements in to remove Japanese domestic for U.S. exports and ended in

A Calmer Relationship

In 1990, business feared that competition would challenge global economic position. American consumer demand for goods and a still tightly Japanese domestic market the trade imbalance, as trade Japan accounted for 15.6 of all American trade. Japan had the second-largest foreign investor Great Britain in the United owning U.S. assets $83 billion. Sony’s acquisition of CBS and Columbia Pictures in 1988 and as well as Matsushita Corporation’s of MCA/Universal for $6.6 billion in raised some U.S. anxieties. However, just as concern over Japanese strength peaked in the early the Japanese bubble economy This plunged Japan a recession from which its strong exports to the United could not save it immediately.

economic negotiations preceding the of the World Trade Organization on January 1, 1995, led to significant of Japanese markets for U.S. As Japanese consumers had to economize, for cheap American goods In a highly symbolic move, Japan ended its post-World War II ban on imports in 1994, Emperor dined on American rice.

As trade with the United matured and the Japanese economy troubled, growth of Japanese to the United States slowed Exports rose only $123 billion in 1995 to billion in 2007. At the same weak Japanese domestic kept U.S. exports to in the $50 billion to $60 billion range 1995 to 2007. Even Japan was America’s fourth-largest partner, Japan’s share of trade fell to just 6.7 in 2007, less than of what it had been in 1995.

the early twenty-first century, trade with the United was more harmonious than in the two decades. American business greater access to Japanese and Japanese companies continued to do business with their trading partners.

R. C. Lutz

Reading

Bailey, Jonathan. Power Strategy in Asia: Culture and Trade, 1905-2005 . New Routledge, 2007. Covers trade with America; is on Japan’s military politics up to and trade’s importance for the postwar relationship.

Cohen, Stephen. An Ocean Explaining Three Decades of Trade Friction . Westport, 1998. Compares different and Japanese views of Japan’s surplus with the United from 1965 to 1996. informative coverage.

LaFeber, The Clash: U.S.-Japanese Relations History . New York: W. W. Norton Best overview of the subject the beginning to 1995. Japanese with the United States is analyzed and put into larger Illustrated, notes, bibliography,

Ota, Fumio. The US-Japan in the Twenty-first Century: A View of the and a Rationale for Its Survival . Honolulu: of Hawaii Press, 2006. the strengths and troubles of the relationship in historic context; includes on the role of trade for the alliance.

Mikio, ed. A History of Japanese and Industry Policy . Reprint. England: Oxford University 2004. Covers Japan’s War II economic recovery. Very for understanding Japanese views of with American business and of the


Wilkins, Mira. Japanese in the United States: Continuity and 1879-1990. Business History 64 (Winter, 1990): 585-629. historical coverage of Japanese investment in the United States.

financial crisis of 1997; trade with the United Automotive industry; Chinese with the United States; industry; General Agreement on and Trade; Import and export Tariffs.

Internationalfundimf Gmail com
Spacio for 1dollar
Internationalfundimf Gmail com
Internationalfundimf Gmail com
Spacio for 1dollar
Internationalfundimf Gmail com

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