Word: protectionists
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...China was swift to condemn the ban as protectionist. The China Daily, the official government newspaper, reported that Beijing may contest India's measure by taking the matter to the Dispute Settlement Body of the World Trade Organization (WTO). The newspaper cited WTO rules against "illegal trade barriers and punitive measures at a time when protectionism is growing amid the global economic recession...
...Indian industry officials were just as quick to deny India was violating the international fair-trade standards. "There is nothing protectionist about it," says Anjan Roy, economic affairs advisor at the Federation of Indian Chambers of Commerce and Industry. Roy pointed to a spate of scandals in 2007 over the safety of Chinese-made toys. In August 2007, Mattel, the U.S.'s leading toy company, was forced to recall 9 million of its products made in Chinese factories due to high lead levels in paint and other safety issues. "If it is a very harmful product, India has a right...
That's unlikely to prevent the protectionist winds blowing elsewhere, though. Last week's massive strikes in France, for example, were motivated by demands that the government do more to protect public- and private-sector jobs threatened by both recession and economic reforms. Polls showed that nearly 70% of the public supported the demonstrations; new surveys show that more than 61% of people back renewed strikes this month...
...Germany, a recent study by Ernst & Young indicated that 78% of small- and medium-size companies favor the state embracing "protectionist measures" to shield them from the global recession - up from 43% a year ago. The cause of concern is clear: despite the government's passage of a $65 billion stimulus package, Germany entered its third straight quarter of recession in January. This month, German unemployment shot to 8.3%, from 7.4% in December. (See which country has the best bailout plan...
Still, many in Europe remain wary of the potential ramifications of a shift back to protectionist policies. When the U.S. House of Representatives added a protectionist clause to President Barack Obama's proposed $819 billion stimulus package last week, Europe cried foul. The clause would require infrastructure projects covered under the plan to use American-made steel. Moves are also afoot in the Senate to extend that "buy American" steel requirement to other construction materials covered by the package - causing tempers to flare in Europe. "A dangerous new steel war is looming, and we need to counter it with strong...