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Let us protect our key industries from unfair foreign competition From the BeginningK In addition to adopting a free trade policy Government has protected the key US industries from unfair foreign competition Domestic industries feel pressure from foreign competitors because of lower pricing and better quality products For these reasons competition can become intense and has caused our industries to seek government protection Protectionism brings together business and labor sixteenth century thinkers and twentieth-century economists Protectionism builds on the power to tax one man to help the business of another The governments primary concern is national income national spending and national employment Fewer industries need protection over foreign competition because of external influences over the global marketplace Over a period of a few months Asian and Russian economies have collapsed a recession has been brought on by currency weakness and lower oil prices As a result the export of US goods to much of the world has decreased corporate earnings weakened When this crisis hit the US became one of the few markets where excess production could be sent Many of the worlds struggling economies have counted on exports to life them out of recession The US has earned the role of importer of last resort Trade tensions escalate over charges that products exported to the US by several countries have been sold below market value US political leaders have started to discuss proposals that could further fuel any protectionist sentiment Industry leaders contend that strong measures are necessary even at the risk of foreign retaliation The staunchest allies of these politicos are labor unions to whom government protection is of crucial importance However from an economic perspective a trade deficit in and of itself is neither good nor bad It simply means that in a given year the citizens of one country purchased more goods and services than they sold overseas A deficit might result
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