Demons & Dialog

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Trade War: Japan and Australia warn on “Buy American,” protectionism

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TOKYO (Reuters) – Japan and Australia expressed concern on Thursday about protectionism stemming from the “Buy American” provisions in Washington’s mammoth stimulus measures aimed at helping pull the U.S. economy out of recession.

Australia warned the move to protect U.S. iron and steel makers would lead to a retaliatory trade war, while Japan sent a letter to top aides of U.S. President Barack Obama and the Senate’s majority and minority leaders echoing concerns by other U.S. trading partners.

“The common responsibility shared by the two countries, which are the world’s No.1 and No.2 economies, is to resist protectionism together,” Japan’s chief cabinet secretary, Takeo Kawamura, told a news conference….

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Written by Michael Cooper

February 5, 2009 at 3:33 pm

Posted in Uncategorized

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