“‘You can’t stand up to China when all you’ve done is send them our jobs,’ the president said. ‘When the playing field is level, America will always win.?.?. . We don’t need folks who, during election time, suddenly are worrying about trade practices, but before the election are taking advantage of unfair trade practices.’ Romney characterized the latest WTO case as an election-season tactic. His campaign has begun a new television ad focusing on China’s manufacturing rise, and he has said that if elected he would deal more forcefully with issues like China valuing its currency to aid its exporters.” (Washington Post)
Now they’re fighting over how big the trade war should be, not whether there should be one. Everyone but the politically connected loses.
FEE Timely classic
“The Case Against Protectionism” by Lawrence W. Reed