I sure am glad that we don't have a unilateralist cowboy
antagonizing the world:
A full-blown trade row erupted between the US and China after Beijing accused Washington of “rampant protectionism” for imposing heavy duties on imported Chinese tyres and threatened action against imports of US poultry and vehicles.
But I'm sure that there's something important that justifies all this brouha:
In his first big test on world trade since taking office in January, Mr Obama sided with America’s trade unions ...
There, you see? Smart.
1 comment:
Gee, it sure is a good thing we have such an enlightened and forward looking leader to protect the US and world economy from the failures of the past...oh...wait:
What caused the Great Depression
Possible Cause: Protectionism
...
In 1928, Hoover ran on a platform of higher tariffs designed to protect farmers from European competition. Congress passed the Smoot-Hawley Tariff Act in 1930; Hoover signed the bill although economists protested. It is unlikely that tariffs alone caused the Great Depression, but they fostered global protectionism; world trade declined by 66% from 1929 to 1934.
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