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February 03, 2009

Obama Comes Out Against "Buy American" Provision In So Called "Stimulus" Bill

Obama may not have been able to heal the world in his first two weeks but at least he is trying not to make any new enemies. Diplomacy in action!

The European Union warned the US yesterday against plunging the world into depression by adopting a planned “Buy American” policy, intensifying fears of a trade war.

The EU threatened to retaliate if the US Congress went ahead with sweeping measures in its $800 billion (£554 billion) stimulus plan to restrict spending to American goods and services.

...Last night Mr Obama gave a strong signal that he would remove the most provocative passages from the Bill.

“I agree that we can’t send a protectionist message,” he said in an interview with Fox TV. “I want to see what kind of language we can work on this issue. I think it would be a mistake, though, at a time when worldwide trade is declining, for us to start sending a message that somehow we’re just looking after ourselves and not concerned with world trade.”

He'll still have to talk the House Democrats down but at least he's on the right side of this. I know the whole 'buy America' with American tax money is emotionally appealing but erecting trade barriers and igniting a trade war would be disastrous. Good for Obama for recognizing this.

Now, about that Colombia Free Trade Agreement.


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posted by DrewM. at 10:00 PM

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