Marcy Kaptur: “with the President in Japan, it is time to take stock of our abysmal trade accounts with that nation. The administration…”

“with the President in Japan, it is time to take stock of our abysmal trade accounts with that nation. The administration is doing its best to put a public relations spin to last year's massive $60 billion trade deficit with Japan. Look at the facts: During the first 3 years of the Clinton administration, the United States has suffered over $185 billion in more trade deficits with Japan, a 39-percent increase over the abysmal trade deficit records under the Bush administration. U.S. auto manufacturers still have less than 1 measly percent of Japan's auto market, while Japan commands over one-third, 33 percent of this market. The value of the dollar against the yen has gone down by 40 percent since 1990, making our automotive goods 40 percent cheaper in their market. Yet the United States gained only one-third of 1 percent of Japan's auto market since 1995. Mr. Speaker, let us save the high fives. We have scaled an ant hill. Now all that is left is the mountain.”