As Prime Minister Obuchi and President Clinton agreed in May, our relationship is in its best shape ever. Ambassador Foley said yesterday in his speech here in Washington that our relationship is flourishing. Although I too believe our relationship is in excellent shape, let me talk a little this morning about my worries. Let me mention three points that worry me. First is the protectionist tendency that might be emerging in this country.
Steel is an example.
Our exports of steel to this country increased sharply last year. In fact, they increased 2.6 times over 1997. Our exports increased mainly because of demand. U.S. domestic production simply could not keep up with the demand for steel in this country. Still, our exporters and manufacturers tried to curb exports starting in October of last year, and exports did decreased dramatically . . .