Obama opposes protectionist “Buy American” provisions in the stimulus bill
The current Buy American language in the stimulus bill requires only that the government spend funds in ways that do not violate U.S. trade agreements.
Initially, the House bill restricted spending to American-made iron and steel, while the Senate version went even further, mandating that “all manufactured goods” in construction projects come from U.S. producers.
But in interviews last week, Obama came out against provisions that “signal protectionism.”
“I think that would be a mistake right now,” he told ABC News. “That is a potential source of trade wars that we can’t afford at a time when trade is sinking all across the globe.”
[link thanks to Alarming News]