(FORTUNE Magazine) – If the Texas billionaire wins the White House, free trade could well be out and gung-ho mercantilism in. Warns the Japanese daily Yomiuri Shimbun: ''Perot's tough stance would mean the party is over vis-a-vis Japan's predatory and protective trade practices.'' Hardliners who have Perot's ear on Japan include Chrysler CEO Lee Iacocca, House Majority Leader Dick Gephardt (to whom the Perot family has given $23,000 since 1988, more than any other Washington pol), Reagan trade negotiator Clyde Prestowitz, and Japan-bashing author Pat Choate. If Perot becomes President, Beltway insiders expect him to: -- Cripple the Japan lobby by prohibiting government officials from working for foreign interests for ten years after leaving office. -- Take a managed trade stance toward Japan, insisting that it reduce its trade surplus with the U.S. or have its access to the U.S. market curtailed. -- Pressure the Japanese, and Europeans, to foot most of their defense bills.