Printer Friendly

THOMAS H. HANNA, PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE AMERICAN AUTOMOBILE MANUFACTURERS ASSOCIATION MAKES STATEMENT

 WASHINGTON, Jan. 9 /PRNewswire/ -- The following is a statement by Thomas H. Hanna, president and chief executive officer of the American Automobile Manufacturers Association:
 Japan's reported announcement that it will extend the voluntary restraint agreement on automobile exports to the United States at the current level of 1.65 million units ignores the realities of the market. Japan's official Voluntary Export Restraint (VER) figure has been set above the level of actual Japanese automobile exports to the U.S. every year since 1987. In fact, the U.S. Department of Commerce estimates total Japanese auto exports to the U.S. during the period of the 1992 VER at 1.5 million.
 What this announcement does not say is that this 1.65 million unit level will permit the Japanese auto producers to increase their overall market share in the U.S. in 1993. Unless the new voluntary restraint agreement is also intended to apply to exports of minivans and sports- utility vehicles, there is not the slightest suggestion of restraint' in this action.
 The United States government yesterday provided the nation and the new Administration with the true picture of the automotive trade imbalance with Japan. In its 1992 "Industrial Outlook" projecting major economic trends for 1993, the Department of Commerce estimated that the automotive trade deficit with Japan will worsen this year, with substantial increases in both the vehicle and automotive parts deficit.
 As auto industry leaders discussed with President-elect Clinton earlier this week, Japan's serious and chronic trade imbalance with the United States needs to be a priority for the new Administration. Rather than empty messages, what is needed is a firm commitment from the Government of Japan to bring its trade with the U.S. into relative balance during the course of the next Administration.
 -0- 1/9/93
 /CONTACT: Gene McKinney, 202-775-2716, or 703-578-9592, for the American Automobile Manufacturers Association/


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

TM-LD -- NY001 -- 3281 01/09/93 10:00 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:Jan 9, 1993
Words:335
Previous Article:RHINO SCORES FOUR GRAMMY NOMINATIONS
Next Article:DAVID COVER APPOINTED TRUST CONTROLLER AT S&T BANK
Topics:


Related Articles
COMMERCE DEPARTMENT FINDS TOYOTA AND MAZDA BEING SOLD AT LESS THAN FAIR VALUE IN U.S.
MVMA ISSUES STATEMENT ON COMMERCE DEPARTMENT'S MINIVAN DUMPING DECISION
GM, FORD, CHRYSLER ANNOUNCE INTENT TO APPEAL ITC MINIVAN DUMPING DECISION
GM, FORD, CHRYSLER ANNOUNCE INTENT TO APPEAL ITC MINIVAN DUMPING DECISION
AUTO INDUSTRY SPOKESMAN SAYS U.S. TRADE DEFICIT WITH JAPAN IS COSTING AMERICAN JOBS
AMERICAN AUTOMOBILE MANUFACTURERS ASSOCIATION ISSUES STATEMENT ON MEETING BETWEEN CLINTON AND JAPANESE PRIME MINISTER
AAMA PRESIDENT/CEO ISSUES STATEMENT IN RESPONSE TO AIMA NEWS CONFERENCE
AMERICA'S CAR COMPANIES 'CAUTIOUSLY OPTIMISTIC' AS U.S./JAPAN TRADE TALKS RESUME
AMERICA'S CAR COMPANIES URGE SOUTH KOREA TO FOLLOW THROUGH ON AUTO TRADE
Rubin's Yen Comments Echo Automakers' Concern, Says AAMA

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters