Monday, April 30, 2007

Trade War Opening Stages

U.S. releases watch list in area of copyright piracy

WASHINGTON — The Bush administration today targeted China, Russia and 10 other nations for extra scrutiny in the piracy of American movies, music, computer programs and other copyrighted materials.

The 12 nations were put on a "priority watch list" in the area of copyright piracy, which costs the American industry billions of dollars in lost sales annually.

Bernanke has some good advice:

A move to protect threatened American industries and workers from foreign competition would be a serious mistake that would jeopardize the sizable benefits of free trade, Federal Reserve Chairman Ben Bernanke said Tuesday.

"Restricting trade by imposing tariffs, quotas and other barriers is exactly the wrong thing to do," Bernanke said in remarks prepared for an audience at Montana Tech in Butte, Mont.

"In the long run, economic isolationism and retreat from international competition would inexorably lead to lower productivity for U.S. firms and lower living standards for U.S. consumers," Bernanke said.


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