a new age of protectionism? the economic crisis and transatlantic trade policy

8/8/2019 A New Age of Protectionism? The Economic Crisis and Transatlantic Trade Policy

1/37

A NEW AGE OF PROTECTIONISM?THE ECONOMIC CRISIS AND TRANSATLANTIC TRADE POLICY

KATI SUOMINEN

THE GERMAN MARSHALL FUND OF THE UNITED STATES

PAPER SERIES


2/37

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3/37

A New Age of Protectionism?

The economic crisis and transatlantic trade policy

Brussels Forum Paper Series

March 2009

K S*

T G M F U S

I 3

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4/37


The economic crisis and transatlantic trade policy3

T 8 - b T

q

v b

R b

8,

W T Oz (WTO)

v W Bk

O

,

b I

k b b 8 ,

18

B b v ,

k b

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q b b bz,

b

, v b

q v

b bz Ev

,

,

bk T b jb b v ;

, q,

- b, , b,

k

T U S E U (EU)

v b b G

b z b

A A 41 A

jb Fb 8 Fb

, W W II

US 76 x 8

U EU 74

Db 8 68 b;

v F G

S L

T bv

A b B

U

S E I

q, I

b

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U

S E

T k F,

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-

k b--b

13,

b b

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,

bk , -z x

bb, k

v

b

S, ,

T x

bz,

bkk ,

v ,

T b b

, b

v--

D Dv R A , I, R,

A, Vz bk Nvb

8 b G (G)

b T EU U S

v b x, ,

B x b

The experience

of the past is

that isolationist

sentiments

and economic

hard landings

can decelerate

liberalization,

entice countries

to backtrack on

their trade policy

commitments,

and even result i

outright worldwid

protectionism,

particularly if

gripping the

leading trade

powers.

Introduction

1


5/37

The German Marshall Fund of the United States4

W B A q , b b

T, jb

b , v

k k I,

b EU U S,

b k

v

k

T, , b

b

A bk,US EU b v,

v

,

D R

T k k bz E U S

v , x

b A

b b T

v

U S

E I

U S E

b b; v

B, W, ;

S b U S E

vv

b

Indeed,

distortionary

measures

could give

a license to

countries tocut corners on

open markets

and retaliate

against each

others actions.


6/37



T U S E v b v b bz

- US E

, , bq, EU C

Ex T (CET),

13 (F 1) A ,

U S E v b

O

(x v GDP)

6 13

4 8 U S

b 7 E

I v , -

bz U S E

v S v US EU

35 5 , v,

7, b C, 145

I, 16 Mx, 1

A, 1 Bz,

6 C T b ,

, E

k

(Tb 1 1b)

F , U S E vv xv

v

(FTA) D

b, U S

FTA C 18 bq

N A F T

A (NAFTA) C Mx

W bq 1

FTA A, A,

M E

E FTA

b T EU

b -b,

b FTA E E

, x- ,

S A, Mx, C I 7,

B

A S A N (ASEAN),

I, K T EU

E-M A A

v M

Percent

0%

10%

15%

5%

20%

25%

30%

35%

1924

1926

1928

1930

1932

1934

1936

1938

1940

1942

1944

1946

1948

1950

1952

1954

1956

1958

1960

1962

1964

1966

1968

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

U.S.

EU

Germany

France

Source: Clemens and Williamson (2004)

Figure 1: Applied Tariffs France, Germany, EU, and the United States, 1924-2000

Trade Policy Adrift

2


7/37


Table 1a. Tariffs and Imports by Product Group in 2007, EU

Bound duties MFN applied duties

Product Groups AVG Duty-free Max Binding AVG Duty-free Ma

% % %

A 68 6 15 1 5 36 15

D 668 37 1 64 15

F, vb, 17 8 31 1 116 185 31

C, 6 71 88 1 6 71 88

C 43 63 116 1 18 17 116

O, 56 48 113 1 6 431 113

S 5 133 1 8 133

Bv b 3 3 1 1 18 11

C 1 1 1

O 51 671 1 1 56 651 11

F 11 17 6 1 16 141 6

M 46 1 1 57 1

P 5 5 1 3 411 5

C 46 7 1 38 344 13W, 841 1 1 813 1

Tx 65 34 1 1 66 1 1

C 115 1 1 115 1

L, 4 78 17 1 41 61 17

N- 17 65 1 1 17 73 1

E 4 315 14 1 6 83 14

T q 41 157 1 41 17

M, 5 5 14 1 5 4 14

S: W T Oz


8/37



B U S EU vv b

1 T

bz v

T U S b z

b

FTA, 7

b , EU

8 85 b

bk (Ev, S,

S ) EU US FTA

v, v v,

v, ,

Lb v

b U S E I

, B, G, Hb

(5) U S

1 bz

$5

b bz M

E b

EU b

B (1) k 15 E, EU GDP

b x 3

1 S, , M (6) T B FTA vbz bz v U S

T b , x, x q (TRQ) , v v , , ,

x (S 4; Ev S 8)

3 K (4) v , b GDP vE GDP b 4 6

Liberal trade

policies have

generated

immense benefit

for the United

States and

Europe the

United States ha

gained no less

than $1 trillion

annually due

to globalization

in the postwar

era and stands

to gain another

$500 billion per

year from future

liberalization.

Imports

Product Groups Share Duty-free

% %

A 4 15

D 1

F, vb, 16 114

C, 7 84

C 4 67

O, 1 61

S

Bv b 6 153

C 1

O 5 683

F 11 6

M 174 78

P 17 64

C 6 65W, 31 3

Tx 4 1

C 48

L, 5 16

N- 131 676

E 63 35

T q 61

M, 63 568


9/37


Table 1b. Tariffs and Imports by Product Group in 2007, United States

Bound duties MFN applied duties

Product Groups AVG Duty-free Max Binding AVG Duty-free Ma

% % %

A 6 317 6 1 7 31 6

D 14 3 1 41 3 3

F, vb, 47 43 13 1 51 15 13

C, 34 533 64 1 3 535 64

C 37 1 7 1 4 1 7

O, 46 8 164 1 5 43 164

S 175 1 131 1 1 131

Bv b 174 8 35 1 156 73 35

C 46 4 1 43 383

O 1 671 7 1 13 57 7

F 11 781 35 1 1 81 35

M 17 6 38 1 16 641 38

P 14 8 8 5 3 7

C 371 7 1 8 46 7W, 4 16 14 1 5 8 14

Tx 77 171 34 1 7 163 34

C 114 34 3 1 117 8 3

L, 46 387 56 1 3 417 56

N- 1 663 1 1 1 66 1

E 16 48 15 1 14 574 15

T q 31 545 5 1 3 657 5

M, 486 4 1 3 467 4

S: W T Oz


10/37



Growing trade angst

T ,

bz U S E

b

, T

b

A b I, b

E U S v x

b- b

, - - k

b , ,

4

W bjb v

v- k

- jb

b v k I B-

b - T

b z v b b

BRIC (Bz, R, I,

C) b T q

15 ,

b b v, v 45

b ,

O E C- Dv

(OECD) (OECD 7)

T z

b

US

I J 5 CNN/USA T/G , 48

A

, 44

T

1

A A 5 Eb

46 EU z v

v bz, 37

v v Transatlantic Trends 8

4 S x, L (8) Lv (8)

Worries about

jobs and wages

have spread from

manufacturing

to service sector

workers fearful o

the offshoring of

white-collar jobs

in information

technology and

business service

to countries

like India. Blue-

collar blues are

now also white-

collar worries.

Imports

Product Groups Shar Duty-free

% %

A 5 66

D 1 13

F, vb, 1 3

C, 4 766

C 5 35

O, 78

S 56

Bv b 11 484

C 53

O 644

F 6 87

M 153 733

P 14

C 64W, 46 36

Tx 1 181

C 45 7

L, 6 1

N- 151 831

E 6 63

T q 146 556

M, 6 68


11/37


, A 71

6 64 7,

C Mx 7 61

E b ,

75 v 6 7 k, b

j F, A,

v v jb,

P, I, B, G,

v

A 7 P R C v

W 5 A , v

k 78

O k v 31

Rb v v ,

I E, v

b vb v EU

b

v , S

85 G 78 B

v 7,

1 87 , v,

5

S, M-A 8 New York Times-

CBS N , 58 A v

,

6 16, 3 v

5 W E b A, k I 8Uv M , 6 G I,5 B, 41 F k b b I , 7 U S, 64 C, 66 C, 68 I D, 18 v, b 5 1 I 17 18 j k k b b v Ev k-vC b 87

b, 17 166

A , 68 v

, 55 16 I

- , 4

b , v

b , 36

16 I J 8 R R

, 56 A NAFTA

b , 16

k O 3 A

US FTA

v , 73 b, 14

R v US C

F 17

NAFTA 14,

-

q b C b

, b , D,

(Tb )7 T

T P A (TPA),

v C b xv

U S

US H Rv 1

b v, 15-14, U S-

D Rb-C A F T

A (DR-CAFTA) qk b

17-15 5

T -

35-7 Tk R k 17,

6 ://8/k///843_POLL

7 S NAFTA, Rb , D v R, D v O CAFTA FTA, v M U v b x

While 59 percent

of Americans still

supported free

trade [in 2007],

the level had

dropped markedlyfrom 78 percent

recorded in 2002.

One striking

finding was that

even 31 percent

of Republicans

viewed trade in

a negative light,

the highest figure

in decades. In

Europe the decline

is less sharp.


12/37


13/37


Table 2. U.S. Congressional Votes on U.S. Trade Agreements, 19732008

TRADE VOTES 1974 - 2008

U.S. House of Representatives

Yes

Vote B D D %D R %R

T T A 174 HR 171 1/11/173 11 45% 16 8

T T A A 17 HR 4537 7/11/17 47 8% 141

T T T A 184 HR 338 6/8/183 31 87% 137 8

T Ob T

Cv A 188 HR 4848 7/13/188 43 5% 133 7

Dv Ex

F Tk

H R 11/

S R 785/3/11 17 64% 1 1

Ex F Tk

(U R)HR 1876 6//13 145 56% 15 8

NAFTA I HH 345 11/17/13 1 4% 13 7

U R I HR 511 11//14 167 65% 11 6

IMF F S A 1

R T AA A

HR 61 /5/18 14% 151 6

S I Q HR 75 3/17/1 77 3% 1 4

A G & O

& Cbb THR 434 7/16/1 8 47% 136 6

C P

N T RHR 444 5/4/ 73 35% 164 7

WTO HJ R 6/1/ 1 1% 33 1

US-J F T A HR 63 7/31/1 P b v v

US-V B T A HJ R 51 /6/1 P b v v

T A HR 3 7/7/ 5 1% 1 8

US-C F T A HR 738 7/4/3 75 37% 16 8

US-S F T A HR 73 7/4/3 75 37% 17 8

U D C U Rb C Gv v


14/37



U.S. Senate

No Total Yes No Total

R Y N D D %D R %R D R Y N

11 1 7 14 1/13/174 45 78% 3 76% 3 1 77 4

5 15 7 7/11/17 5 88% 11 3% 3 1 4

18 5 368 43 //184 44 8% 5 5% 6

4 41 376 45 8/31/188 5 3% 35 76% 1 1 85 11

1 14 1 31 5/4/11 31 54% 5 1% 3 36 36 5

1 3 5 16 6/3/13 3 7% 37 84% 1 4 76 16

156 43 34 11//13 7 48% 34 77% 8 1 81 38

8 56 88 146 1/1/14 41 75% 35 78% 14 1 76 4

3/6/18 43 6% 41 75% 14 84 57

171 71 18 43

13 18 8 141 6//1 7 6% 15 7% 18 3 4 57

63 34 163 11/3/1 3 67% 46 85% 13 6 76 1

138 57 37 17 /1/ 37 8% 46 85% 7 8 83 15

181 18 56 363

/4/1 P b v v

1/3/1 48 6% 3 76% 1 88 1

183 7 15 1 8/1/ 4% 43 88% 5 64 34

18 7 7 156 7/31/3 46% 43 84% 4 7 86 3

17 4 7 155 7/31/3 46% 44 86% 4 7 86 3


15/37

A renewed

push for Doha

was supposed

to be made

in December

2008, but littlehad changed in

the negotiating

dynamicsthe

financial debacle

had not by then

produced enough

collective drive

for finishing the

roundand

ministers never

convened.


U S,

b 14 I , C,

, I1

A - I, Bz,

k v b EU

US b,

v b

k T, W b v $164 b

15-7b

WTO F ,

1 F bk J 8 WTOM, B (8)

EU k

C A P (CAP)

- b k

v

3, b

k,

v--k EU 11

A D b Db 8, b

11 T EU 4 b ( 5b /6 b ) b F b, k 3 F CAP J 3, EU b 13, b v

Table 2. U.S. Congressional Votes on U.S. Trade Agreements, 19732008

TRADE VOTES 1974 - 2008

U.S. House of Representatives

Yes

Vote B D D %D R %R

US-A F T A HR 476 7/14/4 115 57% 18 8

US-M F T A HR 484 7//4 1 5% 3 8

C C A S A 3

CAFTA I HR 345 7/8/5 15 7% 8

US-B F T A HR 434 1/13/5 115 57% 1

O B Db US P

AqH A 71 3/15/6 8 4% 3 1

US-O F T A HR 5684 7//6 11% 176 8

US-P F T A HR 3688 11/8/7 1 47% 176 8

S F-Tk P

Cb FTAH R 1 4/1/8 18 3% 6 3

U D C U Rb C Gv v

S: B (8)

continued from previous page


16/37



x

b b

v v

v v, b

k Db

T B

x, EU

, T C

P M v B Cb b B b B

C A

U.S. Senate

No Total Yes No Total

R Y N D D %D R %R D R Y N

84 18 314 1 7/15/4 31 65% 48 4% 14 86 16

8 8 33 7/1/4 38 7% 46 % 8 5 86 13

4/6/5 37 84% 53% 7 6 87 33

187 7 17 15 6/3/5 1 3% 43 78% 33 1 54 45

81 13 37 5 1/13/5 P b v v

18 14 38 377

176 8 1 8 /1/6 1 18% 4 8% 7 5 6 3

116 16 85 13 1/4/7 5% 47 6% 16 1 77 18

1 185 4 15


17/37

The main

predictors of

protectionism

in the United

States have been

shown to be risingunemployment,

an appreciated

exchange rate,

and, in particular,

an increased

trade deficit.


A k v

8, B

G,

, W

Nvb 15, 8, -v

T G

, x

b I bq A-P E

C (APEC) S L,

1

bz D

R T b z v W E

F Dv J

W v

bb, T

v

I b

v ,

q

S, b ,

EU U S, v k/ ,

- b, b, k

v b b G

, v WTO ,

v

b T,

v b v

b

Bad parameters

R

E U S

b- b -

b

q v

b W b , v,

x v k

T U

S v b b

x , , ,

(I 5; B 5;

Hx 1) C

v zb v

k ,

, - b,

L jb b

1

I , U S E v

b v

S 177, U S

31 x

T US N B E R

(NBER) 11 145-7;

v 1 (k

) 153-154 -K W

, 157, 16-161, 173

k , 18-18, 1-11,

1-3, 8- T

b v b

,

I G, E ,

v 166-167, 173-175, 18-183

11-14, 1-3, 8- (F )

S v

(F 3) T b b

U S

18, EU

U S k (F 4)

1 W k ,GDP I (5) GDP b (AD) T AD -b

The Crisis Hits

3


18/37



0.0

4.0

6.0

2.0

10.0

8.0

14.0

12.0

1948

1950

1952

1954

1956

1958

1960

1962

1964

1966

1968

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

U.S.

EU

Germany

France

U.K.

Source: National Data Sources

Figure 3: Unemployment in the United States, EU, Germany, France, and the U.K., 1948-2008

Percentage

-5.0

5.0

10.0

0.0

15.0

20.0

1948

1950

1952

1954

1956

1958

1960

1962

1964

1966

1968

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

U.S.

EU

Germany

France

U.K.

Source: National Data Sources

Figure 2: Economic Growth in the United States, EU, Germany, France, and the U.K., 1948-2008

Percentage The trade balanc

has been in

the red for the

United States

in particular

since the 1980s,

and it widened

spectacularly in

the EU and the

United States

alike in the 2000


19/37

The onset of the

Great Depression

helped push the

world economy

into a downward

protectionistspiral. The main

factor driving the

global closure

was the U.S.

Smoot-Hawley

Tariff legislation

of 1930.


W, ,

b b P GATT/WTO

k b,

x

T D -k

T 13 F, 1, U S, U K,

E

b 17

W E C G

E E

x

T 13 v

k

G D

T v b US

S-H T 13,

k b A

13 S I (13)

A k

v b ,

W

, U S

,

W b G D,

xb ,

bq C,

F, I, S, Sz M

bv 113 v,

q, ,

x D

B C

b, E b F, C E b k

G,

v

(E I 15) P

F v

-800

-400

-200

-600

400

200

0

800

600

1948

1950

1952

1954

1956

1958

1960

1962

1964

1966

1968

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

U.S.

EU

Germany

France

U.K.

Source: COMTRADE

Figure 4: Trade Balance in the U.S., EU, Germany, France, and the U.K., 1948-2008

Inbillionso

fU.S.

do

llars


20/37

Currency woes

also entered

the picture. The

negotiations for

the Tokyo Round

were able to star

only after severa

substantial

currency

realignments,

which helped

quell the

protectionist

pressures.



, I ( A H),J, Sv U v

b14 B 131,

53 F, 8

G, bv 1

B, P, F T

v B 1 13,

b v 4 ,

b 13

Cv

N W Lbz US

C R T AA (RTAA) 134 S-H b

z US xv

5 x

b15 T b

A x b,

(Hx 1) T

k

US C b US

S D

v L A , B

145, U S 3 b

RTAA 7 ; b 44 v 64

US b (Jk 184)

A GATT

bz v, x

k I 17,

14 I 13, N Bx O G

x k T Bx b

15 Hx (1) RTAA US bz, b x v x RTAA bz 145 S D (15) v US k

US k, 85 ,

, US C

b

(D 15) T T A 174 x

j

, x

k b v

P

173 13 175, v

(CVD) v

173 38 175 F 175-1,

(AD) 48 , 13 T T

A A 17 ,

x b AD

v ,

b vb

v

q

C T

Tk R b

v b

q TNx

k 171

I 18, U S bk

A b k

US

T

bv 18-183,

, J b

F v b, W

v b v v v B ,

U S

, , x, ,

US C

US

k v jb


21/37

Europe was

similarly faced

with deep

recessions

and attendant

unemployment inthe 1970s and

1980s Trade

was blamed

for the rise in

unemployment,

and Europeans

resisted

liberalization in

particular vis--vis

non-EU members.


b b U S b J

v x (VER)

T US C T T

A 184, q I

T C

bj AD v

k j T 18

AD, CVD,

v AD

181 v b 6 7 18 184-186 (F 5), CVD

14 18, 184 v

v16 A,

T U R b

186, b 18

b b 185 Pz A

x ,

J (B 6)

Ov k I 18,

US C v

b b

k

, b,

, C,

T 188 Ob

T A

b - S

31 v, v U S

T Rv (USTR)

16 P 18, S , b F x, 65 FY 11, x b ,v , , 14 b b, T 65 v v , 6 bj I, AD v 114 181 b

xb

E

17

18 T EU v

v 175 b v

18 U k UK

bv 11 1 F

185-186 T b

(H 185), E

bz v--v -

EU b (G 187) W EU j v

16, b

v

b k v A 115

T R, z b

q E C v

v -

x A

bk b ,

, b

, , A U S, v

j v 171 7 b 185

(G 11), AD v

173 187 b 184 T b VER

v- 17 18,

, v, ,

Tx q

173

M-Fb A (MFA) T EU

j

L Cv

T C

v v b b,

US-J Fk

C I b , ,

j q


22/37



v b bz B

b

U R 14,

WTO

, US b T C

WTO 31 ,

Kk-Fj ,

b W

b

v WTO

x v v

C, -b,

31 T b

, b v v

NAFTA

US b , v,

-1

US

b, US k

, M 5,

, US P G W B

- v

8 3

E -

(H 18) T 1

bk 11-14, x

jb EU-,

11 b

k T

b

k, b

b

T EU v

v EU- v

R, bz

S 1 v EU b

b v 6,3 qv

0

20

30

10

60

70

40

50

90

80

1948

1950

1952

1954

1956

1958

1960

1962

1964

1966

1968

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

Jan.

June2008

U.S.

EU

Source: World Trade Organization; Irwin (2005)

Figure 5: Initiated Antidumping Investigations in the United States and EU, 1948-2008


23/37

Judging by the

key determinants

of U.S. and

European trade

protectionism in

the pastthefuture of trade

policy looks

grim. In February

2009, U.S.

unemployment

reached a 27-

year high at an

estimated 7.6

percent, while

in Germany

unemployment

rose almost twice

as much and

the country is

now fighting its

worst slump since

World War II.


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24/37

The fiscal stimulu

packages effecte

in response to th

financial crisis

are effectively

subsidies and

as such can

introduce real

distortions to

global commerce

as well as lead

to retaliation and

endless WTO

disputes about

illegal state aid.



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25/37

The Buy

American

provisions in the

U.S. economic

stimulus plan

sparked instantand strong

protests about

protectionism

from U.S. trading

partners, including

the EU, as well

as pro-business

thinktanks and

associations.


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26/37

According to the

WTO, since the

bodys January

23 report on

new trade

barriers there

are new troubling

indications

that more

protectionism

may be ahead.



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27/37

Asian policies

to boost exports

would receive

strong scrutiny

in Brussels and

Washington, bothof which are

already pressed

about the flood of

Chinese imports.


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28/37

Climate change

can be used as

a convenient

excuse to

protect domestic

industries,

particularly in ha

economic times.



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29/37


30/37

Dohas prospects

could well brighte

when the politica

cycle in India is

complete and a

new government

is installed in Ma

or June 2009.

But leadership,

particularly by

the EU and the

United States, wi

be indispensable

for pushing Doha

to a successful

conclusion.



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31/37

The EU and the

United States are

key players for

other countries

to emulate and

follow, and thustheir domestic

and international

economic policies

will be hugely

important for the

coming efforts

to climb out of

global recession.


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Agenda for Transatlantic Trade

Cooperation4


32/37



Cooperation and

leadership by the

United States an

EU is imperative

for getting world

trade and the

global economy

humming again.

This means tight

cooperation and

leadership at

the multilateral

level, and smart,

protrade policies

domestically.

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33/37


A balanced

bilateral push

will be good

for the odds of

recovery, balanced

trade, and amore balanced

global financial

system...The

global economic

future is at stake.

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34/37



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International Banking L: M,

11

G, M N L,

Debating Chinas Exchange Rate Policy.

W: P I I

E, 8

Bibliography

5


35/37


H, B T W H FE Ex T P Lbz

E U International

Organization, 5 (18)

H, RC 185 The Political Economy of European

Trade: An Introduction to the Trade Policies of the

EEC N Yk: Pv M

Hx, M J T M B T RTAA,

I R, T Lbz

International Organization 53, 4 (F 1)

Hb, G C J S BA: B Jb, W R

P B - W: P I

I E,

Hb, G C, Sv Cvz, J

K Global Warming and the World

Trading System. W, DC:P

I I E

Hb, G C K S

() Globalization at Risk: Managing

Challenges to World Trade and Investment NHv: Y Uv P

I, D M B T

P W T S: A

H Pv J M

Av P, New Dimensions in

Regional Integration. N Yk: Cb

Uv P, 13

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Av H Pv IMF Wk

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K, G T G E,

Ev P 18 C Icfai

University Journal of Applied Economics,

(M 4)

K, P P (k) C Lb B. New

York Times, Fb 1, ://k

b///1/-

--k/

Lv, Fk L T S D T:

T V Bk Px Brown Journal

of World Affairs 14 (S/S)

L, Rb Z Blue-Collar Blues: Is Trade to

Blame for Rising U.S. Income Inequality?P

I I E, 8

Lv, P I C WTO: H W

C Forbes, A 16, 7

M, P S L S

E, Ob , 6 ://

////

PM

Mk, Dv M S Global

FDI Policy S R N 34 N Yk:

C F R, 8

M, Pk 8 Wk T:

W T M B

B G M F P

B (J)

N R Eb N B T,

The Wall Street Journal, 6 Fb

O E C-

Dv OECD Employment Outlook, 2007

P: OECD

S, M 7 Y W The WalStreet Journal, M 7

W Bk International Trade and Climate

Change: Economic, Legal, and Institutional

Perspectives W: W Bk, 7


36/37



W T Oz Report to the TPRB fromthe Director-General on the Financial Crisis and

Trade-Related Developments Gv: WTO,


37/37

OFF I C E S

a new age of protectionism? the economic crisis and transatlantic trade policy

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