04/02/2009 10:13:26 am
Putting Out the Fire With Gasoline. The Obama stimulus package contains a "Buy American" clause. The aim is to ensure that only US made iron, steel and manufactured products are used in projects funded by the bill. If launched, this would be a blow to global trade, and it might trigger similar measures from other countries. Then, we would be on track to repeat the worst mistake in the 1930s crisis. The EU is protesting, very rightly so. This may be the test that shows how much truth there was in all of Mr Obama′s unfortunate talk against free trade in his election campaign.