Looks like the trade war is off. Good thing too. With the US having the second highest corporate income tax and facing “the worst economy since the great depression”, my guess is it would have become a “quagmire.”
Last night Mr Obama gave a strong signal that he would remove the most provocative passages from the Bill.
“I agree that we can’t send a protectionist message,” he said in an interview with Fox TV. “I want to see what kind of language we can work on this issue. I think it would be a mistake, though, at a time when worldwide trade is declining, for us to start sending a message that somehow we’re just looking after ourselves and not concerned with world trade.”