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http://www.timesonline.co.uk/tol/news/world/europe/article5655115.ece>>>
>>>A Snippet:
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The European Union warned the US yesterday against plunging the world into depression by adopting a planned “Buy American” policy, intensifying fears of a trade war.
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>>>The EU threatened to retaliate if the US Congress went ahead with sweeping measures in its $800 billion (£554 billion) stimulus plan to restrict spending to American goods and services.
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>>>Gordon Brown was caught in the crossfire as John Bruton, the EU Ambassador to Washington, said that “history has shown us” where the closing of markets leads — a clear reference to the Depression of the 1930s, triggered by US protectionist laws.
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>>>...
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>>OTOH
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>>maybe protectionism didn't cause or prolong the depression
>>
>>
http://www.bbc.co.uk/blogs/thereporters/stephanieflanders/>
>And not implementing protectionist policies at a time when other major trading partners WILL implement protectionist policies is self defeating.
>
>Watch France. Watch China. Watch Russia. Watch Germany. Watch Japan.
Germany, China and Japan rely on their ability to export. I can't see that they would adopt protectionist measures.