In a potentially ominous development, Television New Zealand reports that the Obama government has postponed free trade agreement discussions under the proposed Trans-Pacific Strategic Economic Partnership (P4) with New Zealand, Singapore, Brunei and Chile. Along with the United States, Australia, Peru and Vietnam were to have been involved in the expanded free trade area. It is reported that the postponement is related to an assessment of trade policy by the Obama administration. An inward turning US trade policy, favored by President Obama's organized labor allies even before the economic meltdown, could set the nation on a protectionist course not unlike the measures that prolonged the Great Depression.
Obama Administration to Repeat Protectionist Errors of 1930s?
by Wendell Cox 03/08/2009