TRADE: A New Deficit Shock?

The U.S. balance of trade is on its way to a huge deficit of more than $4 billion this year—double last year's worrisome gap between exports and imports—in part because of Japan's modern closed-door policy. This grim analysis was made last week by Harald Malmgren, a senior member of a U.S. trade mission that met with officials in Japan to seek a way to increase American exports. The need for some kind of action soon was starkly emphasized by a Commerce Department report that the trade deficit in this year's first half was a record $3.3 billion. Despite repeated...

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