U.S. trade success. Today, President Clinton travels to California, where he will meet with Prime Minister Hashimoto of Japan, their first meeting since Mr. Hashimoto took office. The two will discuss the strength and diversity of our mutual ties, of our relationships from trade to security.
"Through tougher trade deals for America -- over 80 of them -- we have opened markets abroad, and now exports are at an all-time high, growing faster than imports and creating good American jobs."
- President Clinton, State of the Union Address, January 23, 1996
A strong relationship. The President is looking forward to his trip to Japan in April. Our security relationship with Japan is as strong today as it was throughout the Cold War -- and it will continue to be a cornerstone of our national defense. Our relationship advances our key interests -- in Bosnia, North Korea, on terrorism, drug-trafficking, environmental degradation. And at the same time, our trade relationship is working for both countries.
A record of success on opening markets and expanding exports. Earlier this month, the Commerce Department released numbers for November of 1995 that showed that our trade deficit narrowed dramatically -- its best showing in almost two years. In particular, our gap with Japan shrank to its smallest level since the spring of 1993.
Agreements. Since President Clinton took office, we have completed 20 separate trade agreements with Japan, which are beginning to pay off.
Success around the world. Our exports are reaching record levels, creating more jobs at better pay here at home. Overall exports have grown 34 percent since the beginning of the Administration. Those exports have accounted for one-third of overall U.S. economic growth, and have created 1.6 million new high-wage jobs.
Success with Japan. The sectors covered by those 20 agreements -- from auto parts to cellular phones to medical supplies -- have seen their exports to Japan grow by 80 percent since 1993. Overall exports to Japan have grown a phenomenal 47 percent since the beginning of the Administration, 167,000 jobs have been created as a result of those exports, and our trade deficit with Japan is at a 12-year low.
Success with automobiles. In 1994, the U.S. overtook Japan as the world's Number 1 auto producer for the first time since the 1970s, and maintained its lead in 1995.
The premier economic power. As a result of President Clinton's overall economic plan, with its emphasis on deficit reduction, investment and opening markets abroad, has strengthened the fundamental competitiveness of U.S. industries and workers, and restored America's status as the premier economic power in the world.
New C-17s. The President will also address C-17 workers at the McDonnell Douglas plant in Long Beach, California. The C-17 is the airlifter we need for the 21st century, the finest military transport plane in the world. It has been produced by an extraordinary partnership between McDonnell Douglas and the Defense Department. Together, they have cut costs, increased efficiency, and made the C-17 project a model of public/private sector teamwork.