WASHINGTON - Congress approved protectionist measures in a $787 billion stimulus bill Friday that U.S. trading partners have warned could spark a trade war.
The bill, however, left the Obama administration some room to maneuver to appease other countries who say it will benefit U.S. companies unfairly.
Smoot / Hawley anyone?
h/t Gabriel Malor
Meanwhile back at the ranch (update):
ROME – The Group of Seven finance ministers pledged Saturday to avoid resorting to protectionism as they try to stimulate their own economies in the face of the world's worst economic crisis since the 1930s.
The meeting marked the international debut of U.S. Treasury Secretary Timothy Geithner, who assured his counterparts that President Barack Obama's $787 billion plan to resuscitate the economy, approved Friday, would not violate in any way the United States' commitment to free trade.
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