What does that mean for the Presidents fast-track authority on trade agreements, which expires next year?
There has been an interesting paradox in that the lesson over the past 20 years is that those countries that open themselves up to competition – through trade and integration into the global capital markets – have benefited, and the rest have been left behind. But in virtually each of those countries you can see that there is greater protectionist sentiment. You could see this in the U.S. You could see it in China. You could see it throughout Europe. Shorter-term dislocations – job losses – can be very painful and are visible, and the new jobs aren’t as visible. The prosperity and increases in living standards aren’t quite as visible. I’ve listened very carefully to what some of the Democratic leaders are saying after the election, and some are very encouraging. When I go up and talk to people on the Hill, the sentiments they’re expressing are the sentiments of their constituencies. I always knew that I was going to swim against a strong current here, and I still expect that to be the
