TRADE: Showdown: Japan v. Europe

Londoners tooling along the Thames in their Toyotas, Parisians strolling by the Seine listening to their Sonys—innocent signs, it would seem, of the healthy bustle of global commerce. But to European officials worried by sluggish growth and high unemployment in their home economies, the omnipresence of Japanese products is a clear and present danger to production and jobs. In 1970 countries in the European Community bought $300 million worth of goods more than they sold in trade with Japan. In 1975 the trade deficit was more than $3 billion, and in '76, reckons the nine-nation group, it will exceed $4...

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