Despite rhetoric against Obama's protectionsist stance on steel imports, the European Union is itself taking actions to restrict free trade. Hypocritically, they have even served the WTO with notice of their intention to increase tariffs on steel imports! It doesn't end there - imports of clothes, biofuels, chemicals and screws are all on the hit list for higher import duties and/or lower quotas. To cap it all off, the EU is now subsidising exports of dairy products.
Let us remind ourselves what Labour's British Trade Minsiter and former European Commissioner for Trade recently said:
"Protectionism would be a sure-fire way of turning recession into depression."Yet, of course, the democratically-elected British government is powerless to enact its policies without permission from the unelected European Commission. The the European Commission would rather plunge the world into the forwarned depression than lose power to China and India.




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