Economic weakness, especially if it is expressed in rising unemployment, will, however, make the Bush administration even keener to pander to domestic lobbies for trade protection, as it already has for steel and farms.
Economist Peter Morici, for example, suggests dynamic job growth will be sparked by increasing domestic oil production, tackling the trade imbalance with China, relaxing regulations for big businesses and curbing health care mandates.
Previously politicians have been discouraged from pursuing free trade deals for fear of exposing domestic industries to greater competition from abroad.
He said he was in no position to dictate China's exchange rate, and he admitted that America's lack of domestic savings was partly to blame for global trade imbalances.
That leads to a trade surplus, which means capital for domestic expansion.
An American government concentrating on bilateral trade deals and domestic politics bodes ill for the global economy.
In the statement, the ECCAS states congratulated Thailand for its March 3 decision to ban its legal domestic ivory trade and urged its vigorous enforcement.
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In 1997-1998, Vietnam turned inward and gave priority to the mobilization of domestic capital to make up for the loss of East Asian trade and investment.
The U.S. and Europe already account for nearly half of the world's gross domestic product, and trade and investment already supports more than 13 million U.S. and European jobs.
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The G20 summit is a meeting of 19 countries plus the European Union, which between them account for 80% of global gross domestic product and 80% of global trade.
As a result of our trade policy, NAFTA in particular, there is strong encouragement for domestic manufacturers to operate offshore.
Other potential steps toward 4% include smarter immigration policy, freer trade, more encouragement to entrepreneurship and more domestic energy development, and, for the longer term, serious education reform and substantially more basic research.
At every opportunity, the IMF, the World Bank and the poor countries themselves stress the need for the industrial economies to demonstrate their commitment to free trade by opening up markets and ending domestic subsidies, in particular to farmers.
Scaling back trade barriers makes it easier for foreign countries to buy American-made products, boosting domestic businesses and stirring job growth.
Tariffs hamper world trade because they are intended to make it more difficult for producers from abroad to compete with domestic industries.
As fracking expands domestic oil and gas production, it likely will reduce U.S. demand for energy imports and shrink our trade deficit.
Trade negotiations operate on the misguided mercantilist premise that opening domestic markets is a concession to be exchanged for access to foreign ones.
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