Monday, February 5, 2007

Patrick J. Buchanan:And Who Isolated Us? When the trade figures for 2006 come in, it will be revealed that the United States ran the greatest trade deficit in history, close to $800 billion, near 7 percent of GDP. And the greatest trade deficit with any one country will be recorded – a trade deficit with China of nearly $230 billion. Does President Bush not understand the correlation between his trade policy, our sinking dollar and the loss of 3 million manufacturing jobs on his watch? Economic patriotism is on the march because economic globalism is failing America. We are being skinned alive by our trading partners. While we have eliminated tariffs, they impose value-added taxes of up to 20 percent on U.S. goods entering the country and rebate the VAT on goods they export to the United States. This system operates like a 40 percent tariff on U.S. goods. That is why we are running record trade deficits with Canada, the European Union, Japan and Free Asia. Bush has now begun his campaign for renewal of “fast track” authority, which expires in July. Under fast track, Congress agrees to give up its constitutional right to amend trade treaties. But to give Bush a blank check to negotiate trade treaties after his record trade deficits makes as much sense as giving him a blank check to launch another war. Some adult has got to grab the steering wheel here.