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Growing Trade Imbalance With Japan Jeopardizes U.S. Economy, Auto Official Says

18 September 1997

Growing Trade Imbalance With Japan Jeopardizes U.S. Economy, Auto Official Says

    WASHINGTON, Sept. 18 -- Andrew H. Card, Jr., President & CEO
of the American Automobile Manufacturers Association (AAMA), issued the
following statement today after announcement of U.S. trade figures for July
which showed further growth in the U.S. trade imbalance, including a sharp
increase in trade deficit with Japan.

    "Today's July trade figures confirm a deteriorating U.S. trade balance,
led by the deficit with Japan, that is now jeopardizing the good performance
of the American economy.  Japan has ignored calls from U.S. and other world
leaders to stimulate its economy through domestic demand and is attempting to
export its way out of its economic problems.  And the excessively weak yen is
fueling the whole process.
    "I urge Secretary Rubin and other world financial leaders to insist, at
this weekend's G-7 meeting, that Japan take immediate steps to demonstrate its
commitment to promises made earlier this year to continue aggressive
deregulation and other actions to stimulate domestic-led demand.  It should be
made unmistakably clear to Japan that its trade performance is unacceptable."

    AAMA is the trade association whose members are Chrysler Corporation
, Ford Motor Company and General Motors Corporation
.  Visit AAMA's site on the World Wide Web at http://www.aama.com.

SOURCE  American Automobile Manufacturers Association