Trade Policy 1960-1970
The United States principal export during the 1960-1970 was manufactured goods accounting for seventy-seven percent of the total exports (Goldstein, 1970). Steel, cars, rubber, electronics, etc. were all part of a manufactured good of the United States. Because the 1960-1970 was an era that grown from spending money on world wars to improving economics, it also utilized a similar strategy on trade. For instance, in the 1960s-1970s the trade policy was through GATT (General Agreement on Trade and Tariffs) which lifted the restrictions and regulations on trade in the global world (U.S. Trade Policy Since 1934, n.d.). In other words, the GATT was a multilateral agreement between all member countries that globalizes trade. Also, President John …show more content…
In turn, the VER forced countries like Japan to agree to slow down their export to other countries (U.S. Trade Policy Since 1934, n.d.). Reluctantly, without the VER American companies that exported commodities to other countries would have led to a trade barrier because Japan would have exported more product at a cheaper rate. Also, Japan would be importing less from the United States due to the exchange rate where Japan could provide steel at a lower cost. One reason for a reduced cost to manufacture steel was the valuation of the yen which only begun to appreciate in the middle of the 1960s and was not near the rate of the dollar (Hulten, 1990). Meaning that United State workers made more due to the value of the dollar and Japanese made less. Professor of Economics Charles R. Hulten contends that Japanese workers by 1970 made twenty-three percent of a white workers ' salary (Hulten, 1990). By this, if a worker in manufacturing made 6,566 annually as reported by the U.S. Department of Commerce it would mean that Japanese workers made $1,510.18 (Statistical Abstract of the United States 1976, n.d.). If Hulten and the U.S. Department reported correctly, it means that the VER hindered trade as both the U.S. and Japan suffered. The typical American worker in manufacturing suffered because hourly rates were more than Japanese workers causing prices in steel to increase. Whereas, the Japanese worker needed more work to expand the business to increase income potentials. Overall, it shows that trade should be equal in amount, selling cost and rate paid to the
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