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Article: Old rivals find common ground // U.S., Japan benefit by helping each other
- Article from:
- Chicago Sun-Times
- Article date:
- September 22, 1996
- Author:
CopyrightCopyright 1996 Chicago Sun-Times. (Hide copyright information)
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The big U.S. economic news for the week was the once-again
soaring trade deficit. The $11.6 billion gap in July set a record,
reflecting increased imports of everything from oil to consumer
goods. Of that amount, we imported $4 billion from Japan and nearly
$5 billion worth of merchandise from China.
Sure, Americans have the benefit of buying desirable goods at
competitive prices from abroad. But we pay with dollars. And right
now those dollars are sloshing around overseas, especially in Japan.
Will Japan continue to hold the dollars - and invest them in U.S.
government debt?
When I visited Japan this month, bankers and politicians
pointed proudly to the narrowing trade gap with the ...