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US warned against protectionism
US President Barack Obama came under pressure today to resist protectionism in reaction to the global economic crisis as top companies announced massive losses and protests broke out in Europe."We must avoid protectionism," German Chancellor Angela Merkel said when asked about a "Buy American" clause in Mr Obama's $US888 billion ($1.4 trillion) economic stimulus plan. "Protectionism is the wrong answer" to the economic crisis, she said. The German leader's comments came after a similar warning in a speech in Tokyo by the head of the International Monetary Fund, Dominique Strauss-Kahn, who said: "Beggar thy neighbor policies will never give a good result." There is growing concern among economists that some of the anti-crisis measures being implemented by governments to save jobs and aid ailing industries are contributing to a new wave of protectionism. Posted by: tipper 2009-02-03 |
| http://www.rantburg.com/poparticle.php?ID=261516 |