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Greenspan says ‘protectionism’ threatens economies

Thursday, Nov. 20, 2003 | 10:23 a.m.

WASHINGTON -- New efforts to impose trade protections may destabilize the world economy and disrupt global financial markets, Federal Reserve Chairman Alan Greenspan said, two days after the Bush administration imposed new tariffs on Chinese-made goods.

Such "clouds of emerging protectionism" are particularly harmful at a time when the U.S., the world's largest economy, is running a large current account deficit, Greenspan told a monetary conference in Washington.

"It is imperative that creeping protectionism be thwarted and reversed," Greenspan said.

The Fed chairman's comments came shortly after President George W. Bush decided to limit some textile imports from China, and a week after the World Trade Organization ruled that steel tariffs put in place by the Bush administration in 2002 to protect U.S. companies were illegal.

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