Printer Friendly

AUTO INDUSTRY SPOKESMAN SAYS U.S. TRADE DEFICIT WITH JAPAN IS COSTING AMERICAN JOBS

 WASHINGTON, Feb. 18 /PRNewswire/ -- A spokesman for the U.S. auto industry, citing new trade figures released today by the Commerce Department, said the U.S. trade deficit with Japan is costing America the jobs that are needed to get the economy going again.
 Thomas H. Hanna, president and chief executive officer of the American Automobile Manufacturers Association (AAMA) cited the latest trade figures. "The automotive trade deficit with Japan is costing hundreds of thousands of high-paying American jobs in the auto industry."
 Hanna noted that the American auto industry is connected to one in every seven American jobs, and that auto and supplier manufacturing facilities are spread throughout 49 states and the District of Columbia.
 The Commerce Department, in its latest portrait of U.S. trade with the rest of the world during 1992, released data showing that Japan once again accounted for more of the U.S. trade deficit -- $49.4 billion -- than any other country. The 1992 deficit with Japan represents a $6 billion increase over 1991 figures with automotive trade alone accounting for 55 percent of the deficit.
 Hanna said the new administration should reinstate the U.S. Customs Service's Jan. 4, 1989, decision that all sport utility vehicles and other multipurpose vehicles (MPVs) are not principally designed as passenger vehicles and should be subject, therefore, to the U.S. tariff on light trucks.
 On Jan. 13, 1989, at the insistence of foreign automobile importers, then-Treasury Secretary Nicholas Brady overruled the U.S. Customs Service and decided that MPVs should be classified as cars, which cut the tariffs due on the vehicles from 25 percent to 2.5 percent.
 "Most U.S. government agencies treat MPVs as trucks," Hanna said. "By reinstating the original Customs Service decision, the administration could help reduce the nation's trade imbalance, and create jobs which everyone agrees will be needed to assist in moving the economy on a positive track."
 America's total trade deficit for 1992 amounted to $84.3 billion. Hanna noted that the value of U.S. motor vehicles and parts sold in Japan in 1992 totaled $1.6 billion -- the same as the previous year.
 The America Automobile Manufacturers Association is the trade association for domestic car and light truck manufacturers, which produce 81 percent of all U.S.-built motor vehicles.
 -0- 2/18/93
 /CONTACT: Gene McKinney or Ed Lewis of the American Automobile Manufacturers Association, 202-775-2716/


CO: American Automobile Manufacturers Association ST: District of Columbia IN: AUT SU:

KD -- DC053 -- 8103 02/18/93 16:47 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 18, 1993
Words:422
Previous Article:ENERGY TAX WILL INCREASE NATURAL GAS BILL
Next Article:AMERICAN HOSPITAL ASSOCIATION STATEMENT ON PRESIDENT CLINTON'S ECONOMIC PLAN
Topics:


Related Articles
UAW URGES BUSH TO DEMAND THAT JAPAN REDUCE CAR EXPORTS TO THE U.S. TO 800,000 UNITS
UAW URGES BUSH TO DEMAND THAT JAPAN REDUCE CAR EXPORTS TO THE U.S. TO 800,000 UNITS
WAGON TRAIN RALLIES AGAINST FOREIGN MINIVANS
THOMAS H. HANNA, PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE AMERICAN AUTOMOBILE MANUFACTURERS ASSOCIATION MAKES STATEMENT
MANAGED TRADE -- ECONOMIC SPRING OF HOPE OR NUCLEAR WINTER
FORD STATEMENT ON U.S. TRADE STATISTICS
Made in USA: productivity and competitiveness in manufacturing.
AMERICA'S CAR COMPANIES CALL ON JAPAN TO LIVE UP TO FRAMEWORK COMMITMENTS
U.S. SUPER 301 ACTION AGAINST JAPAN'S AUTOMOTIVE INDUSTRY WOULD VIOLATE THE GATT, UNDERMINE WORLD TRADE AND JEOPARDIZE SUCCESSFUL INDUSTRY PROGRAMS
AS U.S. TRADE DEFICIT WITH JAPAN NEARS NEW RECORD, AAMA PRESIDENT CALLS ON JAPAN TO KEEP COMMITMENTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters