Resisting protectionism

In hard times, protectionism seems attractive. But protectionism will not bring global prosperity, writes The New York Times.

The New York Times

In tough times, there is a strong temptation to turn inward. With so many Americans already out of work, why shouldn’t the country raise trade barriers to protect its workers from foreign competition?

The answer is clear: Trade will play an important role in the world’s eventual recovery, transmitting economic growth from one country to the next. Protectionism leads to further protectionism, and yielding to its temptation could unleash destructive trade wars that would crush any chance of recovery.

Unfortunately, few politicians are willing to tell their constituents that unpopular truth. Instead, governments are succumbing to protectionism’s dangerous lure. In recent months, Russia has jacked up import barriers on cars, farm machinery and other products. The European Union has reintroduced subsidies on dairy products. Europe, India and Brazil raised tariffs on imported steel. ...

Vigorous trade will help the world recover. For that to happen, the United States will have to provide strong leadership and a clear commitment to fighting protectionism. Any sign of ambivalence from Washington will only make things worse.