(1888PressRelease)
April 09, 2009 - “Short-term salves like the Buy America provision or mandating a certain level of domestic lending will only end up harming the process underlying economic growth,” Waters said in a speech today at the company’s corporate headquarters in Seattle.
Provisions in the $787 billion economic stimulus measure approved in February said products purchased by the government with the funds must be made in the U.S., raising the hackles of companies such as Caterpillar Inc. and trading partners such as the European Union and Canada.
Global leaders at the Group of 20 meeting in London last week repeated an earlier pledge to avoid trade protectionism that could aggravate the decline in the global economy, in a bid to avoid a mistake of the depression era. To help combat a decline in global trade, the G-20 said they will make at least $250 billion available in the next two years to support the finance of trade through export credit agencies and development banks such as the World Bank.
Waters said “Changes to immigration laws will constrain the New York-based company’s ability to hire foreign workers.”
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