Clinton, a former Arkansas governor, became the youngest president since Kennedy upon his 1993 election, and his re-election made him the first Democrat since FDR to serve a full second term. Clinton’s 8-year tenure marked the longest period of peacetime economic expansion in America’s post-war history, and he left office with the highest approval rating of any president in the second half of the 20th century, (“Presidents and Prosperity,” Forbes). Unfortunately, a series of sex scandals overshadowed his accomplishments. His 1998 impeachment by the House was only the second time in American history that a president had been impeached (the first being Andrew Johnson in 1868). Both presidents were acquitted by the Senate.
Moynihan served in the Kennedy and Johnson administrations as assistant secretary of labor until 1965. Following a failed bid for election to the New York City Council, Moynihan became director of the Harvard–MIT Joint Center for Urban Studies. Despite being a Democrat, he was selected by President Richard Nixon to be his counselor on urban affairs. His subsequent diplomatic career included ambassadorships to India and the United Nations. In 1977, he was elected to the Senate, representing New York from 1977 to 2001.
Bill Clinton and Japanese Prime Minister Prime Minister Ryutaro Hashimoto in 1996
Our letter regards Clinton’s effort to address a trade imbalance with Japan, an effort that began during the Reagan administration. After eight months of negotiations with Japanese Prime Minister Morihiro Hosokawa failed to open Japanese markets to an increase in American goods, Clinton, on March 4, 1994, used an executive order to reinstate Section 301 of the U.S. Trade Act of 1974, which allows the president or another trade representative to take action against foreign governments that are burdening or restricting U.S. commerce. The move was condemned by both Japan and the World Trade Organization and sparked fears of a trade war. The Clinton administration’s efforts, including the threat of tariffs, resulted in increased access to Japanese markets, most notably during the high-profile 1995 talks that opened up the Japanese auto industry to American auto parts manufacturers. However, despite Clinton’s and subsequent American presidents’ efforts, the U.S.-Japan trade imbalance remains. Never folded and in mint condition.