The “new mercantilism” takes many forms. Despite their pledge at the first G-20 summit last fall, most of its members have erected new distortions to international trade. A number of major emerging-market economies (including Brazil, India and Russia) have raised tariffs. Argentina and Indonesia have imposed new licensing requirements on imports. The European Union and China have reintroduced export subsidies. The U.S. is restricting government procurement of foreign products under the new fiscal stimulus program and has imposed restrictions on Mexican trucks that have provoked retaliation on American exports to Mexico.
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