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http://www.nytimes.com/2009/03/23/world/23trade.html?_r=1&hp
In trying to preserve internal economy, worldwide free trade is being continuously degraded. Perhaps this is one of the unforseen consequences of globalization: during times of recession, the global market gets hit harder than ever before. The "Buy American" policy put forth by Democratic Congress is one such example of what countries all around the world are currently doing.
Article said:After repeated pledges by world leaders to avoid erecting trade barriers, protectionism is on the march, provoking nasty trade disputes and undermining efforts to plot a coordinated response to the deepest global economic downturn since World War II.
From a looming battle with China over tariffs on carbon-intensive goods to a spat over Mexican trucks using American roads, barriers are going up around the world. As the recession’s grip tightens, these pressures are likely to intensify, several experts said.
The surge in protectionism is casting a shadow over an economic summit meeting of world leaders scheduled for London on April 2. At the last such gathering, in Washington in November, former President George W. Bush persuaded the Group of 20 members to commit to protecting free trade — whatever the pressures caused by faltering economies and lost jobs. The members include industrialized and developing nations, and the European Union.
“No sooner was the G-20 statement issued than it was breached,” said Daniel M. Price, an official in the Bush administration who helped negotiate the agreement. “Instead of just talking about trade liberalization, countries need to take immediate steps to show they mean it.”
In trying to preserve internal economy, worldwide free trade is being continuously degraded. Perhaps this is one of the unforseen consequences of globalization: during times of recession, the global market gets hit harder than ever before. The "Buy American" policy put forth by Democratic Congress is one such example of what countries all around the world are currently doing.