FOREIGN TRADE: Japan v. U. S.

All summer long, most U. S. businessmen had foreign troubles. By Oct. 1 they began to hope the heat was off England, began to permit themselves the luxury of domestic worries. But last week their attention was jerked back to a foreign crisis—this one across the Pacific. Businessmen in scores of trades from toys to machine tools wondered how badly their businesses would be hurt. By the time the shock of the headlines had passed, most of them were thinking that they would not be hurt badly.

Perennial No. 1 sore point in Japanese-U....

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