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Rising Trade Protectionism Worries

Thursday, 17 April 2008 19:00

By Andrew B. Busch. BMO Capital Markets

The latest Financial Services Forum (FSF) CEO Survey sees rising protectionist sentiment and higher tax rates as significant threats to growth. Not surprisingly, they see continued turmoil in credit and housing markets to be the most significant drags on the U.S. economy in 2008. Protectionism was of particular concern to Forum CEOs. "As the U.S. economy slows, trade and economic openness are more important than ever," Forum President & COO Rob Nichols said. "With exports accounting for 40 percent of U.S. economic growth last year, trade is essential to strengthening the U.S. economy." Given that the Columbia Free Trade Pact went down in flames, it seems the top CEOs from the largest financial services firms in the world have a strong reason for their worries.

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The Financial Services Forum is a non-partisan financial and economic policy organization comprising the CEOs of 20 of the largest and most diversified financial services institutions doing business in the United States.

The purpose of the Forum is to pursue policies that encourage savings and investment, promote an open and competitive global marketplace, and ensure the opportunity of people everywhere to participate fully and productively in the 21st-century global economy.