Victory For Free Markets Everywhere
The auto agreement signed between the U.S. and Japan is a clear victory for those who argue that, from now on, access to open American markets must carry a price: reciprocity. It sends a strong signal to the entire international trading community that mercantilism--protecting domestic markets and industries while exporting aggressively into other nations' markets--is no longer acceptable. It proclaims an end to America's cold war global economic strategy of bolstering Japan, South Korea, and Europe against communism by allowing them to protect their industries. This should have happened years ago.
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