Word: protectionists
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...world's policy makers need to take these risks far more seriously. Washington needs to be more attentive to the root causes of America's massive current-account deficit: an unprecedented shortfall of domestic saving brought on by open-ended budget deficits and a lack of personal saving. A protectionist remedy for America's homegrown problems would be a policy blunder of monumental proportions?taking the world down a very slippery and dangerous slope...
...boat. On the other hand, it was apparent throughout the campaign that the changes Merkel represented were of style rather than substance. Even within the CDU, her proposals generated controversy, casting uncertainty on future labor reforms. Further, her liberalism was circumscribed, so that her immigration policy, for instance, remained protectionist. The pains that the relaxation of protectionist laws would provoke make genuine reform in Germany rather unlikely, and only a decisive CDU victory would have brought prospects for genuine change...
China's long-awaited currency adjustment is unambiguously positive for the global economy. I applaud Beijing's action for three reasons: first and foremost, it derails Washington's protectionists and the serious threat they pose to geopolitical stability. Admittedly, a 2.1% revaluation of the renminbi stops well short of the 27.5% adjustment proposed by several U.S. Senators. Their bill, which would impose damaging tariffs on Chinese imports, had garnered surprising bipartisan traction in Congress and could well have been passed by the upper chamber later this year. The China bashers certainly did not get anything close to what they were...
...Temporarily, at least, the announcement should also placate hawkish politicians in the U.S. and Europe who were lobbying for protectionist measures to stem the tide of Chinese imports. Legislation in the U.S. that would have imposed a 27.5% tariff on all Chinese imports if Beijing didn't revalue?a measure that received an unexpected level of support in the Senate earlier this year?now appears to be going nowhere. Also easing anti-Chinese sentiment in the U.S. were setbacks last week to two attempted acquisitions of U.S. firms by Chinese companies. Mainland appliance maker Haier dropped its $1.28 billion offer...
...yawning gap between exports and imports was the strong U.S. dollar. American businesses found it increasingly difficult to compete in foreign markets because their wares were too expensive. At the same time, low-priced imports pummeled U.S. industries at home. The trade imbalance held back the economy and raised protectionist fervor to a level not seen since the Great Depression. More than 200 anti-import bills surfaced in Congress, including measures to keep out shoes and textiles. "The protectionist pot is about to boil over," Senate Majority Leader Robert Dole proclaimed on a trip to Japan in August. "I have...