Monday, June 8, 2009

US Protectionism Angers Other Nations

Protectionism is a disaster plain and simple, an no amount of Obama speeches will paper over the bitterness and economic damage it creates:

WASHINGTON (AP) -- America's largest trading partners are warning that protectionist moves by Congress could poison global trade relations, despite President Barack Obama's assurances that he wants to keep U.S. markets open.

Businesses in the European Union and Canada complain they have been shut out of U.S. markets because of the ''Buy American'' provision in the massive stimulus bill, passed in February, which requires the use of U.S.-manufactured products.

EU and Canadian officials worry the practice is widening, as Congress is considering adding similar measures to other spending bills.

Buy American supporters want to make sure that the billions of U.S. taxpayer dollars being spent to revive the economy create jobs at home. The U.S. unemployment rate is at its highest level in 25 years.

Many U.S. exporters fear the provisions will backfire, costing American jobs as other countries retaliate. Some municipalities in Canada have begun organizing boycotts of U.S. products, and EU and Canadian officials say they are reviewing their options.

1 comments:

  1. After years of sniping at the U.S., I no longer care what "they" think.

    ReplyDelete