Hooverism: Protectionism on the Rise

Repeating the mistakes of the past


My guy Dan Clifton of the Strategas Group raises a warning flag:

Domestically, both the House and Senate stimulus packages contain “Buy American” provisions as a way to bolster the domestic steel industry, and other industries are lobbying for similar treatment. The House approved a provision yesterday requiring that Department of Homeland Security uniforms be made from U.S. textiles. Large multinational corporations, on the other hand, are growing increasingly concerned that these protectionist measures will be greeted by international backlash. These new trade measures are coming at a time when global trade is expected to decline for the first time since 1982.