WASHINGTON - A CONTROVERSIAL 'Buy America' steel provision in the US$819 billion (S$1.2 trillion) stimulus package passed by the House yesterday has raised fears of a dangerous spiral of protectionist policies and tit-for-tat measures worldwide.

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creating jobs at all cost. it is natural and instinctive for any government to act when the nation is in dire straits.

No difference from "Hire Singaporeans" call.

perhaps the world can come together and rethink how not to be dependent on the US as a global powerhouse and look at china and india instead. foster trade and develop the 3rd world countries.

Originally Posted by gary1007wklee

perhaps the world can come together and rethink how not to be dependent on the US as a global powerhouse and look at china and india instead. foster trade and develop the 3rd world countries.

Not so easy ... China and India have yet to develop much of the high tech industries akin to the West, which buys a lot more raw materials from around the world rather than just primarily fuel and steel sought currently by China/India.

And in order to export higher end consumer goods to China / India, China and India need buyers of their products before they can afford to pay for it.

For example, one of China's main exports are toys - and Chinese toymakers had received numerous cancellations from the West. Other main exports include garments and leathergoods, and it is a matter of time before US and Europe try to encourage home production to create local jobs.

The world won't go back to full protectionism, but it will take a while before goods get flowing as freely as before.

China, India, Singapore and those countries with billions of dollars in investments and foreign reserves in the US should seriously look into bringing them home methodically to develop their own country and to build up their own consumer base so that they no longer need to be heavily dependent on US consumers' spending some time in the near future.

And look at what those US corporations been doing with those billions of dollars of bailout money? Paying themselves outrageous amount in bonuses is one while Asians are getting their pay, bonuses and jobs cut. [Wall Street bonuses hit S$27.8b (US$18.4b) despite crisis, ST Today on page B16]. Citicorp comtemplating buying a new jet is another. There are more to come.

Simply put, when will Asian 'leaders' (governmental and non-governmental) learn not to be conned over and over again by the US? When will they learn not to worship the American Idol? When will they learn that charity begins at home? The American has already started to look after their own with no small amount from generous Asian donors. Call it American protectionism if you like. Russia had in fact earlier warned China not to put all their eggs into the US basket. So, what are the other Asian 'leaders' doing? Still pouring money into the US looking for so-called bargains from break-up of US corporations like AIG? When will they wake up before all the bilions of dollars are all gone, down that US sinkhole? By the way, it belongs to the people.

It is a pity protectionism has finally arrive in US. Our lecturers have to change their text so that future students can learn that free trade is a dream that cannot materialize. It is not only US that encourages protectionism. You can see the same in many places in Australia with the label 'Buy Australian'. Provincialism tendency is also very strong in labels such as ' Buy WA', 'Buy Victorian' and maybe others. It is time that developing countries get together and consume things that can be produced in this region. If protectionism is implemented in the US, it is time we stop consuming american foods, medicines, gadgets, equipment and etc if there are suitable alternatives locally or imported from elsewhere.

Don't think we can live without "made in U.S.A" products in Singapore?

Try and see how long we can go without the big Brother brand in our life in Singapore context.

Just buy from across the causeway, Johor bahru is cheaper and easier.

Americans are protectists of the first class, we are the same of second class and Malaysia are "no-class"(?).

When you are poor withour cash, then you face reality. World Trade Organisation is just a puppet.

sooner or later many governments will follow suit if they still choose to stay in power. looking after the people supersedes any trade laws.

PitDigger (Today, 12:05 PM) ~~ "China, India, Singapore and those countries with billions of dollars in investments and foreign reserves in the US should seriously look into bringing them home methodically to develop their own country and to build up their own consumer base so that they no longer need to be heavily dependent on US consumers' spending some time in the near future."

>>> a classic case of fingers running amok on e keyboard... w/out engaging brain. tsk
Do U honestly believe that Singapore, given its limited population, (very)limited size n even more limited resources (natural & man-made/produced) can afford 2 go DOWN that slippery slope that u'r blathering here?

Singapore's direct investments in e US is about US$6.27Billion (2007)
US investments in Singapore is US$82.62Billion (2007)

Do e math b4 U further blather about "bringing home our foreign reserves n investments."
Obviously, U have not an iota of idea what ur blabbering about here.

Also, genius, can U plse elucidate how to "build up our consumer base", presently or "in the near future",
considering we're aldy a developed nation with 4-5 million pop. overcrowding our 700sq km island?
Import more FTs/FWs/PRs (at a time when we're sending lots of them home) or dip deeper into our
financial Reserves?

Its this kind of tit-for-tat (Pits)mindset that keeps e "under-developed/developing countries" still developing after a few decades.