Dangerous currents advocating protectionism are alive and well on both sides of the Atlantic. A “Buy American” clause in the latest U.S. stimulus package may have been eased to avoid violation of bilateral trade agreements, but its protectionist intentions remain. But the European Union is in no position to lecture America about protectionism. In what the Financial Times describe as the biggest European auto bail out, France will give Renault and Peugeot-Citroën €3bn ($3.9bn) each in preferential loans in exchange for keeping jobs in France. Italy has quickly followed suit …
