Blog: The state of the union
Leonie Barrie | 2 February 2006
President Bush’s State of the Union address will have come as a welcome boost to retailers and importers, particularly his caution that a retreat to trade protectionism would relegate the US to a 'second-rate' economy. But just as his sentiments will have pleased some parts of the US textile and clothing industry, there will be those – particularly the textile lobbyists who campaigned so hard for safeguards last year and rejoiced when the US-China bilateral deal was agreed in November – who will be equally disappointed by his free trade leanings.
“In a complex and challenging time, the road of isolationism and protectionism may seem broad and inviting – yet it ends in danger and decline,” the President said. He also warned against complacency as new economic superpowers such as China and India rise to prominence.
He added: “Keeping America competitive requires us to open more markets for all that Americans make and grow. One out of every five factory jobs in America is related to global trade, and we want people everywhere to buy American. With open markets and a level playing field, no one can out-produce or out-compete the American worker.”
To see the full copy of the State of the Union speech, follow the link below:
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