FOREIGN TRADE: Textile Compromise

The rebirth of the Japanese textile industry is one of the success stories of the postwar years. With little U.S. help, the rebuilt and modernized industry produces 37% of Japan's vitally needed exports and employs 24% of its factory workers. But success has brought loud complaints from U.S. textilemen that Japanese exports, by concentrating on vulnerable U.S. markets, are threatening the whole U.S. industry. Last week, after months of negotiations, Japan agreed reluctantly to put a five-year ceiling on its exports to the U.S. The terms (subject to yearly review): Japan will ship no more than 235 million sq. yds....

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!