The continuing American trade deficit will result in tragic consequences for our nation if steps aren't taken to reverse this trend.
Trade figures for June of this year show that imports exceeded exports by $13.4 billion. This was the second highest deficit ever recorded. About $4.7 billion of the June deficit was the result of Japanese imports. Imports from that country have risen 83% since 1980.
Recently the Japanese government announced a new three-year "action program" to open up that country's markets to foreign producers. Many observers are skeptical about the effectiveness of this program and doubt that it will have any effect on our trade deficit.
Rather than relying on Japan to make the effort necessary to reduce our trade imbalance, legislation must be passed in our country to stop the runaway deficit.