The American project was pragmatic. It was multifaceted. It combined the power of market competition with appropriate government policy action to encourage economic development. We leveraged the same playbook when we faced the challenge of a large trade deficit back in the 1980s due to non market policies in a resurgent Japan. Through quotas on autos, tariffs on steel, currency adjustment and innovative industrial policy programs like Sematech to promote semiconductor research, we reversed course and powered into the 1990s with an unrivaled industrial base and innovation engine. (14:21–14:30)
CLAIM
Asserts that the U.S. used strategic measures to address a trade deficit with Japan in the 1980s.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
