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....

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