WTO Negotiations: U.S. Gives, China and India Take

http://www.reuters.com/article/GCA-Agflation/idUSL747098220080728

Here’s yet another example of America’s prowess in trade negotiations and why the U.S. economy is now collapsing under the weight of an unbearable trade deficit. The WTO (World Trade Organization) is in a panic to conclude its Doha round of negotiations before Bush leaves office, knowing that he is a patsy who will sign anything. And, of course, America’s ambassador to the WTO cares nothing about the U.S. economy. He’s a Bush stooge who is working hard to please his boss. So he has literally given away the farm (by agreeing to huge cuts in farm subsidies, not to mention more cuts for American manufactured goods), and is now surprised that China and India are reneging on previous “voluntary” agreements.

The outcome here is predictable. The U.S. will cave in and back off of its demands, and there will soon be an agreement. The U.S. will cut subsidies and tariffs (what few remain) and China and India will not. There’s nothing you or I can do about that. But when the agreement comes to a vote in Congress, that’s where we’ll have our say. I’ll keep you posted as to when this happens and when we all need to bombard our legislators with calls and letters to prevent the further compounding of our national economic disaster.