2009/1/31

The new U.S. stimulus package is only for purchase of domestic products, said the EU must not stand idly by

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North America and Europe from all walks of life the same day delivered a speech criticizing the new U.S. economic stimulus package provides relief in the financial capital of the project can only "Buy American" provisions that such protectionism may lead to "trade war" so that by the financial crisis dragged down and the difficult international trade and economic situation to deteriorate further. The U.S. House of Representatives on the 28th to adopt a total of 819 billion U.S. dollars of new economic stimulus package, one of which was considered to be the terms of protectionism. The article provides that any infrastructure projects to get a new economic stimulus package of financial support, the use of steel products must be produced by the United States. It is learned that the new economic stimulus package will also be on the basis of further expansion, in addition to iron and steel products, items required for all manufactured goods must also be produced by the United States. Braddock the American Chamber of Commerce pointed out that 95% of the world's consumers living outside the United States, once the other countries in terms of response to the retaliatory measures, they can only buy local products, then, first of all to face the challenge will be the U.S. companies. Braddock said: "We oppose the government arbitrarily to make such a request, as it will in many respects, undermine our economy." He also cited a trade war was eventually led to the outbreak of the Great Depression of the case and said the U.S. Chamber of Commerce will work to to avoid a repeat of the disaster. According to reports, the largest U.S. trading partners Canada and Europe have reacted strongly to this article. Canadian Prime Minister Stephen Harper expressed serious concern. He said that Canada and other countries in the world to work together, to ask the United States to comply with its WTO commitments. According to the North American Free Trade Agreement, Canada about 40% of the iron and steel exports to the United States. A spokesman for EU Trade Commissioner彼得鲍尔said: "If a prohibition in the U.S. territory of sale or purchase of European products, the bill is passed, we will not stand by and turn a blind eye." According to the U.S. House of Representatives adopted a new economic stimulus package for the Government's investment funds of up to 544 billion U.S. dollars, of which a very important element for the construction of infrastructure projects covering roads, railways, bridges, airports, dams, military construction and housing etc.