The threat of economic exclusion from Western free-trading areas last week forced Japan and the crown colony of Hong Kong to take a close look at their trade policies. Worried by warnings of retaliation from the U.S., the Japanese Ministry of International Trade and Industry announced that by April 1961, Japan would free 70% of its imports from trade restrictions. Twenty-four items ranging from buttons to smoking accessories were put on the automatic approval list while the entire schedule is being worked out.
In Hong Kong, the newly formed Hong Kong Garment Manufacturers (for the U.S.A.) Assoc., fearful of U.S. tariffs against...
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