The 800 Pound Gorilla In The Room...
That would be the "Buy American" clause in the bail out package.
When President Obama way back when said he wanted to open NAFTA I guess he wasn't kidding. Of course at the time his campaign team said otherwise, nope they said, it's not on the agenda.
Reading the news from around the world lots of countries including Canada are in a panic over this clause that would affect all manufactured goods coming into the U.S.
I'm not an economist but from everything I read this can't be a good thing. I know Canada will have no problem selling it's oil, gas and steel to other countries like China or India but it will also mean less American goods in Canada if our government decides to retaliate. Darn, I may have to give up buying my wool from my favourite American suppliers...
Labels: American Politics
posted by Rositta @ Monday, February 02, 2009
2 Comments:
With double digit unemployment here, something needs to be done. I live in one of the hardest hit areas of my country in terms of manufacturing jobs lost. It's incredibly bleak in Detroit. It'll be impossible to fix and having bought a car recently, it's impossible to "Buy American." Our cars, if assembled here, are built from parts from all over the world, including Canada.
We truly have a global economy now. I don't foresee us closing our borders to trade. I do believe it should be fair and balanced though.
The senate is probably going to pass the bill with the "buy American" clause, I think Obama is caught between a rock and a hard place on this one. I'm doing a follow up post with some interesting numbers later today...
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