The boycott of national Iranian oil was very effective, and Mossadegh was toppled from power with covert U.S. help in 1953. Because of favorable royalty agreements with Southwest Asian and Arabian nations, U.S. oil companies earned massive profits until the Arab oil embargo of October, 1973. When the Tokyo Round of the GATT opened in 1973, the American economy had lost some of its postwar vigor. Increased competition from East Asia as well as Japanese shared hosting protectionism severely strained the U.S. steel, textile, and apparel industries. Taiwan, South Korea, and Japan enjoyed rapid economic growth because of free access to the U.S. market. The United States also absorbed goods from developing Asian countries such as Malaysia, Indonesia, Sri Lanka, India, and Pakistan. For political reasons during the Cold War, American business had to bear the burden of an open market while encountering trade barriers in Asia. By the 1980’s, the U.S. trade balance had become decisively negative. Oil prices jumped in 1973 and 1979, and while American companies trading in Middle Eastern and Southwest Asian oil made profits, higher energy costs led to a global sharepoint hosting recession. To achieve a favorable balance of payments, East and Southeast Asian nations such as Japan, South Korea, Taiwan, Malaysia, and Indonesia flooded the Ameri- Asian trade with the United States 59 can market with goods. U.S. businesses complained about dumping. Under the administrations of U.S. presidents Ronald Reagan and George H. W. Bush from 1981 to 1993, the antidumping clauses of the 1979 Trade Agreement Act were more strictly enforced. American database hosting businesses won 58 percent of the seventy-eight cases they brought against Japanese manufacturers, 66 percent of the thirty-eight cases against Chinese companies, and 54 percent and 44 percent, respectively, of the forty-one cases filed against South Korean and Taiwanese producers. During the 1990’s, American businesses’ fears of being overtaken by Japanese companies faded with the burst of the Japanese bubble economy. The Asian financial crisis of 1997 underscored the vulnerability of the East and Southeast Asian economies. A long, acrimonious human rights and business dispute between the United States and the People’s Republic of China was solved with the signing of the Agreement on Market Access of November 15, 1999. This enabled the People’s Republic of China to join the World Trade Organization in 2001.

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