TRADE

U.S., Japan Far Apart in Chip Talks: Representatives of the U.S. and Japanese semiconductor industries met in Vancouver but were unable to reach agreement as the July 31 expiration date of the U.S.-Japan chip accord nears. The main issues separating the groups are government monitoring of foreign market share in the Japanese semiconductor market and a proposal to create a multilateral council to debate chip matters. Japanese representatives argue that the Japanese market is now open enough that share monitoring is not necessary. The Japanese are pushing for an international body to promote industrial cooperation, but U.S. representatives want to hammer out a two-country deal before setting up an international body.