Morton Fox (mortonfox) wrote,
Morton Fox

The Ghosts of Smoot-Hawley

Chest of drawers

I'm still poking around in the full text of the stimulus bill. Fortunately, there are faster readers out there:

'Buy American' stimulus alarms US businesses, trade partners
'Buy American' Rider Sparks Trade Debate
'Buy American' - Sparks fly
The "Buy American" Rider...didn't we learn anything from Smoot-Hawley?
'Buy American' clause concerns Harper

The house version of the bill requires stimulus-funded infrastructure projects to use American iron and steel. The senate version of the bill will extend that US-only restriction to cover all equipment and goods. One question I have is in this critical time when the economy is on life support and we can ill-afford a global tariff war, why is there a protectionist measure in the stimulus bill? We're going to piss off Canada, for goodness' sake!
Tags: protectionism, stimulus bill, trade war

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