John Kunkel - Americas Trade Policy Towards Japan: Demanding Results

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Americas Trade Policy Towards Japan

an excellent history of bilateral trade relations, focusing on the period from the second US presidential administration of Ronald Reagan through the second administration of Bill Clinton.

C. Fred Bergsten, Institute for International Economics

In the past few years, America has changed from worrying about Japans economic might, to worrying about its meltdown. The rise and fall of Americas results-oriented trade policy towards Japan captures this turnaround. Beginning in the mid- 1980s,both Ronald Reagan and George H.W. Bush pursued a selective, results-oriented Japan policy. Bill Clinton went further in the 1990s, putting demands for quantitative targets in the Japanese market at the centre of American trade policy. Yet this policy was abandoned in Clintons second term of office, and George W. Bush has shown little appetite for its re-introduction.

Americas Trade Policy Towards Japan traces this results-oriented Japan policy to a crisis in the institutions, laws and norms of the American trade policy regime in the first half of the 1980s. Due to the erosion of Americas post-war international economic dominance, and the unintended consequences of Reaganomics,this crisis paved the way for the progressive ascendancy of a coalition of hardliners over free traders after 1985. By the mid-1990s,however, strong Japanese opposition to Clintons Japan policy and a dramatic reversal of economic fortunes in the two countries saw the hardliners scale back their demands.

The author combines research in economics, politics and history including interviews with key policy-makers to illuminate this important case study of American trade policy. This book offers both theoretical insights and practical lessons on the forces shaping American trade policy at the start of the twenty-first century.

John Kunkel is an international trade consultant currently based in Rome. He has worked as an adviser on trade policy to the Australian government and as a consultant to the OECD. He has a PhD specialising in economics from the Australian National University.

Routledge Advances in International Political Economy

1. The Future of the Nation-State
   Essays on cultural pluralism and political integration
   Edited by Sverker Gustavsson and Leif Lewin
   Co-publication with Nereniusand Santrus Publisher AB, Sweden
   
2. Classical Liberalism and International Economic Order
   Studies in theory and intellectual history
   Razeen Sally
   
3. Coping with Globalization
   Jeffrey Hart and Aseem Prakash
   
4. Responding to Globalization
   Jeffrey Hart and Aseem Prakash
5. Japanese Capitalism is Crisis
   A regulationist interpretation
   Edited by Robert Boyer and Toshio Yamada
   
6. Globalization and Social Change
   Edited by Johannes Dragsbaek Schmidt and Jacques Hersh
   
7. Multilateralism and the World Trade Organisation
   The architecture and extension of international trade recognition
   Rorden Wilkinson
   
8. Prepared for the 21st Century?
   A systematic assessment of the impact of globalization and localization on socio-economic development
   Indra de Soysa
   
9. Rethinking International Organization:
   Deregulation and global goverance
   Barbara Emadi-Coffin
   
10. Technology, Governance and Political Conflict in International Industries
    Tony Porter
    
11. Americas Trade Policy Towards Japan
    Demanding results
    John Kunkel

Americas Trade Policy Towards Japan

Demanding results

John Kunkel

First published 2003
by Routledge
11 New Fetter Lane, London EC4P 4EE

Simultaneously published in the USA and Canada
by Routledge
29 West 35th Street, New York, NY 10001

Routledge is an imprint of the Taylor & Francis Group

This edition published in the Taylor & Francis e-Library, 2003.

2003 John Kunkel

All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.

British Library Cataloguing in Publication Data
A catalogue record for this book is available from the British Library

Library of Congress Cataloging in Publication Data
Kunkel, John.
Americas trade policy towards Japan : demanding results / John Kunkel.
p. cm.
Includes bibliographical references and index.
1. United States Foreign economic relations Japan. 2. Japan Foreign economic relations United States. I. Title.

HF1456.5.J3 K863 2003
382.0973052dc21 2002068198

ISBN 0-203-22265-2 Master e-book ISBN

ISBN 0-203-27709-0 (Adobe eReader Format)
ISBN 0415298326 (Print Edition)

To Doreen Kunkel

and

the memory of Jack Kunkel

Figures

US trade ratios

US trade balance in manufactures

USJapan trade balance in manufactures

Gross savings and investment ratios the United States and Japan

International investment position the United States and Japan

Two-way foreign direct investment the United States and Japan

US current account and real effective exchange rate

US export and import volumes

USJapan merchandise trade imbalance

USJapan bilateral market access agreements

Shares in world merchant DRAM market

Semiconductors average selling price

Share of automotive sector in USJapan trade imbalance

Japanese-owned vehicle manufacturers in North America

Foreign share of Japanese semiconductor market

Tables

Sectoral protection in the United States 1993

Special protection in the United States 1990

Manufacturing productivity in major industrialised countries

The US automobile industry select statistics

The US steel industry select statistics

The US textile industry select statistics

The US apparel industry select statistics

Shares of select products in Japanese merchandise exports

The twin deficits of Reaganomics

External imbalances the United States and Japan

Semiconductor capital spending in North America and Japan

Preface

The history of American efforts to open Japans market begins with Commodore Matthew Perrys Black Ships of 1853. For many Japanese, US trade policy in the late twentieth century seemed like gunboat diplomacy by other means. Meanwhile, a large body of opinion in the United States saw Japans closed market as a clear and present danger to American and global economic prosperity.

This book looks to explain Americas quest for results in the Japanese market in the 1980s and 1990s. Why another book on USJapan trade relations when much has already been written? I offer three reasons.

First, time gives us distance and distance gives us perspective. Most studies of Americas Japan problem appeared when bilateral conflict seemed endemic. But there is something to be said for waiting for the dust to settle in order to understand what stirred it all up in the first place. In focusing on particular negotiations, some of the most thoughtful scholars of Americas Japan policy have underplayed the role of long-term structural factors and historical contingency. Schoppa (1997), for example, begins his work by suggesting that the more things change, the more they stay the same. But with a longer view including the benefit of a little more hindsight we can see that things have changed quite a lot.

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