Monday, Jan 26, 2009
Quelle surprise. Here we go.
The Times: American exporters in last-ditch attempt to stop Obama raising the trade barriers
A coalition of leading American exporters, including Boeing, Caterpillar and General Electric, is trying to stop a “Buy America” clause being included in President Obama’s $825 billion stimulus package.
Posted by gardeniadotnet @ 02:44 AM (737 views) Add Comment
7 Comments
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1. gardeniadotnet said...
Gordon Moffat, director-general of Eurofer, said that the clause was a clear case of protectionism. He said: “It looks like they are trying to shut out imports. If we have the means to attack that under WTO rules, we would urge the Commission to do so.”
"Attack"? That sounds like fighting talk! Go girlfriend!
2. gardeniadotnet said...
Think of salad days
They were folly and fun
They were good, they were young.
3. troy said...
talking of folly and fun
have you noticed HPC is carrying major banner ads for Money and Markets?
What's odd about that?
4. goweresque said...
If there follows a round of protectionist measures worldwide, we are really doomed. World trade is much larger and more interconnected than in the '30s. Import prices will rise, due to falling currency, and import tariffs, and exporters will lose out, and may not be able to produce what is required for home consumption. The sort of companies that export from the UK will not be able to suddenly produce the cheap tat we import from China. They will have to lay off workers and may close. So we will face rising prices AND falling employment and economic activity. Great!
5. mrmickey said...
Britain was still able to survive as a nation in WWII when imports from Europe were cut off because we were still reasonably self sufficient as a nation and were being supplied by the US across the Atlantic. If a similar thing happened now for whatever reason and we would be finished in days.
6. fjcruiser said...
Well the US can afford to be protectionist to a certain extent. They have a large manufacturing and agricultural base. Obama is trying to replicate FDR's 30s policies. To give a chance to your industry to restructure, you need in some ways to raise the barriers, otherwise any extra money will go on imports. unfortunately for the UK, most of our industry works on exports hence the large trade deficit.If we close our borders, we would all be starving within days.the UK's structural imbalancesare far worse thean the US ones IMHO.
7. techieman said...
fjcrusier - protectionism benefits no-one. An economic fact.