The new Treasury Secretary
gave a speech today on China and the global economy. There is nothing shocking in it, but it demonstrates a clear commitment to free trade:
Protectionist policies do not work and the collateral damage from these policies is high. By closing off competition and blocking the forces of change, protectionism reduces the losses of the present by sacrificing the opportunities of the future. Jobs saved in the short term job are off-set by more job losses and a lower standard of living in the future....The United States wants open markets. We welcome foreign investment. And we seek partners to join us in advancing a global agenda that will help realize the benefits of economic liberalization and competition. We will not heed the siren songs of protectionism and isolationism.
Amen. I wish him luck in turning these noble sentiments into concrete policies.