The U.S. and Japan reached an import agreement.

The new pact will sharply limit Japanese textile exports to this country over the next three years. Textile and apparel shipments from Japan, which totaled $1.1 billion during the past year, will be limited to increases of 0.8% annually through 1989, according to Deputy U.S. Trade Representative Michael B. Smith. Japan is this country’s fifth-largest supplier of textiles and apparel, accounting for 6.5% of total U.S. textile imports. The agreement broke a nearly yearlong deadlock on setting quotas on Japanese textile and apparel exports.