Question

the 1978 Milton Friedman quote regarding the accusautitut Japan was unfairly selling the US cheap steel then answer the questions. "Let us suppose, for a moment, that the Japanese flood us with steel. That will reduce employment in the American steel industry, no doubt. However. it will increase employment elsewhere in America. We will pay for that steel with dollars. What will the Japanese do with the dollars they get for the steel?

Answer 1

In the 1980s, to address concerns about unfair trade practices with Japan, U.S. politicians, spearheaded by Reagan, established limitations on Japanese car exports, and also sought to control the import of foreign steel and semiconductors.

Step-by-step explanation:

In the 1980s, U.S. politicians responded to public concerns about unfair trade practices by Japan by implementing measures to level the playing field. Particularly, politicians like Walter Mondale raised alarms about the trade deficit and the impact of Japan's economic strategies on American jobs. As a response, in 1981, President Ronald Reagan pressured Japan to limit their exports of automobiles to the United States.

Additionally, efforts were made to limit the importation of foreign steel and semiconductors to protect domestic industries. This period was characterized by political action aimed at mitigating the economic impact of globalization and maintaining the integrity of the American workforce.