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00:00My fellow Americans, Prime Minister Nakasone of Japan will be visiting me here at the White
00:12House next week.
00:14It's an important visit because while I expect to take up our relations with our good friend
00:18Japan, which overall remain excellent, recent disagreements between our two countries on
00:23the issue of trade will also be high on our agenda.
00:27As perhaps you've heard, last week I placed new duties on some Japanese products in response
00:33to Japan's inability to enforce their trade agreement with us on electronic devices called
00:38semiconductors.
00:40Now imposing such tariffs or trade barriers and restrictions of any kind are steps that
00:47I am loath to take, and in a moment I'll mention the sound economic reasons for this, that
00:52over the long run such trade barriers hurt every American worker and consumer.
00:58But the Japanese semiconductors were a special case.
01:02We had clear evidence that Japanese companies were engaging in unfair trade practices that
01:07violated an agreement between Japan and the United States.
01:11We expect our trading partners to live up to their agreements.
01:14As I've often said, our commitment to free trade is also a commitment to fair trade.
01:21But you know, in imposing these tariffs we were just trying to deal with a particular
01:24problem, not begin a trade war.
01:27So next week I'll be giving Prime Minister Nakasone this same message.
01:32We want to continue to work cooperatively on trade problems and want very much to lift
01:37these trade restrictions as soon as evidence permits.
01:41We want to do this because we feel both Japan and the United States have an obligation to
01:46promote the prosperity and economic development that only free trade can bring.
01:52Now that message of free trade is one I conveyed to Canada's leaders a few weeks ago, and it
01:58was warmly received there.
02:00Indeed, throughout the world there's a growing realization that the way to prosperity for
02:05all nations is rejecting protectionist legislation and promoting fair and free competition.
02:12Now there are sound historical reasons for this.
02:15For those of us who lived through the Great Depression, the memory of the suffering it
02:18caused is deep and searing.
02:21And today many economic analysts and historians argue that high tariff legislation passed
02:26back in that period, called the Smoot-Hawley Tariff, greatly deepened the Depression and
02:32prevented economic recovery.
02:34You see, at first when someone says, let's impose tariffs on foreign imports, it looks
02:39like they're doing the patriotic thing by protecting American products and jobs.
02:45And sometimes for a short while it works, but only for a short time.
02:50What eventually occurs is, first homegrown industries start relying on government protection
02:55in the form of high tariffs.
02:57They stop competing and stop making the innovative management and technological changes they
03:02need to succeed in world markets.
03:05And then while all this is going on, something even worse occurs.
03:09High tariffs inevitably lead to retaliation by foreign countries and the triggering of
03:14fierce trade wars.
03:15The result is more and more tariffs, higher and higher trade barriers, and less and less
03:20competition.
03:21So soon, because of the prices made artificially high by tariffs that subsidize inefficiency
03:26and poor management, people stop buying.
03:29Then the worst happens.
03:31Markets shrink and collapse, businesses and industries shut down, and millions of people
03:35lose their jobs.
03:37The memory of all this occurring back in the 30s made me determined when I came to Washington
03:42to spare the American people the protectionist legislation that destroys prosperity.
03:48Now it hasn't always been easy.
03:50There are those in the Congress, just as there were back in the 30s, who want to go for the
03:54quick political advantage, who risk America's prosperity for the sake of a short-term appeal
04:00to some special interest group, who forget that more than 5 million American jobs are
04:05directly tied to the foreign export business and additional millions are tied to imports.
04:12Well I've never forgotten those jobs, and on trade issues by and large we've done well.
04:17In certain select cases, like the Japanese semiconductors, we've taken steps to stop
04:23unfair practices against American products, but we've still maintained our basic long-term
04:29commitment to free trade and economic growth.
04:34So with my meeting with Prime Minister Nakasone and the Venice Economic Summit coming up,
04:40it's terribly important not to restrict a president's options in such trade dealings
04:45with foreign governments.
04:47Unfortunately, some in the Congress are trying to do exactly that.
04:53I'll keep you informed on this dangerous legislation because it's just another form of protectionism
04:58and I may need your help to stop it.
05:01Remember, America's jobs and growth are at stake.
05:05Until next week, thanks for listening and God bless you.