lørdag 25. mai 2019

The US won a trade war against Japan. But China is a whole new ball game

As President Donald Trump lands in Japan Saturday amid a worsening trade war with China, he could well be thinking back to a previous economic spat between Washington and an Asian economic powerhouse. In the 1980s, Japan was the big bad. Its economy was booming — the second largest in the world — and many in the United States feared they were about to be overtaken.

Articles were published warning of the "Japanning of America" or an "economic Pearl Harbor," as Japanese businesses bought US companies and landmarks. Lawmakers and commentators warned of a growing trade deficit between the two countries, and complained of Japanese firms stealing US intellectual property and taking advantage of unfair trade deals. In an interview with the "Morton Downey Jr. Show" in 1989, Trump himself complained that Japan had "systematically sucked the blood out of America — sucked the blood out!"