Opinion: Will U.S. Face Trade Friction With China Like That With Japan in 1970s?
On a recent visit to Japan, I was told by a Tokyo-based investor that they were worried China might soon repeat a regrettable chapter in Japan’s trade history.
Between the 1970s and the 1990s, the United States had a major trade deficit with Japan, and trade between the two countries was marred by continuous friction. In 1985, pressure from the U.S. led Japan to sign the Plaza Accord, which resulted in significant appreciation of the yen and paved the way for Japan’s subsequent economic bubble. Today, the United States’ greatest trade deficit is with China — could China be heading in the same direction?
- 1Chinese Thesis Ghostwriting Scandal Reveals Huge Gray Market
- 2 State-Owned Firms to Build $6.5 Billion Petrochemical Refinery in Alberta
- 3With Latest IPhones, Apple Again Bows to the Chinese Market
- 4China Could Ban Exports of Products Crucial to U.S. Manufacturers, Former Finance Minister Says
- 5Update: China Demands Answers for Swedish Police’s ‘Brutal’ Treatment of Tourists
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas