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Lessons on Japan-U.S. trade deal in the 1980s

中国从80年代的日美贸易协定可以吸取哪些教训?



Higher tariffs on Chinese goods did little to ease trade tensions between China and the U.S. Challenges to trade relations between the world's biggest economies are nothing new. Japan and the U.S. were in the same situation three decades ago. In the 1980s, Japan and the U.S. had talks to smoothen trade relations, resulting in the 1985 Plaza Accord. The deal touched on currency exchange rates, including a 50-percent depreciation of the U.S. dollar against the Japanese yen. But, the recessionary effects of the strengthened yen in Japan's export-dependent economy led to the Japanese asset price bubble of the late 1980s. It progressed into a protracted period of deflation and low growth in Japan known as the Lost Decade. Earlier, Tian Wei sat down with Yasuo Fukuda, former prime minister of Japan, who shared his thoughts about China-U.S. trade friction, as well as historical and current trade relations of Japan and the U.S.

对中国货物施加更高的关税,无助于缓解中国和美国之间的贸易紧张。而全世界最大经济体之间的贸易关系面临的挑战也不是什么新鲜事。三十年前,日本和美国曾面临同样的境地。上世纪80年代,日本和美国通过对话缓解贸易关系,最终于1985年签署广场协定。该协议包括汇率的内容,要求美元对日元贬值50%。但是日元升值对于依赖出口的日本经济造成了衰退影响,引发了80年代末的日本不动产泡沫。日本进入了一段漫长的通缩和低增长时期,被称为“失去的十年”。早些时候,田伟与日本前首相福田康夫进行了交谈,后者分享了他对中美贸易摩擦、以及日本和美国曾经及目前贸易关系的看法。