“The blocking of the sale of
P&O’s six American ports to a Dubai company
has provoked an irritated response, not just from the Middle East but Asia, too.” Rowan Callick reports on the challenge of US
protectionism, which may become a real threat to the relatively free
multilateral trading system that is generating so much
wealth.

“Asian leaders and economic
commentators are increasingly stating that growing US protectionism
risks a response from their region, which is funding the vast American deficit
through the purchase of billions of dollars of bonds, treasury bills and other
paper by their central banks.”

Dubya supported the sale to the
Dubai company
saying, “I am worried about isolation and protectionism.”

The Oz editorial meanwhile called
the decision as “Nakedly protectionist at best, racist at worst”.

Henry thinks the world should pay
this decision due regard. Protectionism turned a nasty recession into a Great
Depression in the 1930s. It is again a serious risk to global
prosperity.

Henry follows the World Economy
here

Peter Fray

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