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| US warned against protectionism |
| 2009-02-03 |
| 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 |
| #2 Germany's automobile import tariff: 10 % based on the purchase price + freight costs to the place of destination in Germany + freight insurance. US: 2% of import price How about some symmetry? |
| Posted by: ed 2009-02-03 14:57 |
| #1 Before you get to carried away with your bashing Angela, please take an afternoon off, visit your local Baumarkt and see how many home improvement items you can find NOT made in Deutschland und Österreich. |
| Posted by: Besoeker 2009-02-03 14:32 |