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April 01, 2007

Hilary Clinton's evolving position on trade

Kristin Jensen and Mark Drajem report on the way Hilary Clinton is positioning herself on trade.  Jensin and Drajem think that, as a candidate,  Clinton is less supportive of a liberal trading regime than her husband was, as President: Clinton Breaks With Husband's Legacy on Nafta Pact, China Trade   (Bloomberg, Mar 30) :

There was little evidence of a protectionist tilt to Clinton's trade views during either her 2000 campaign or first years in the Senate.  She... wasn't a major voice in trade-policy debates.

As she began to gear up for a White House run, Clinton became less of a free-trade booster and more skeptical about the payoff of globalization.

More recently:

She voted against the Central American Free Trade Agreement in 2005...

She... [backed] legislation imposing trade sanctions on Chinese exports unless the government in Beijing agreed to stop holding down the value of the yuan.

...she sent a letter to Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke warning about China's ownership of $350 billion of U.S. debt.

[She called for] a ``plan of action'' to reduce U.S. deficits when foreign-owned debt exceeds 25 percent of gross domestic product or the trade deficit reaches 5 percent of GDP.

... Clinton helped lead efforts to condemn the purchase of U.S. port facilities by DP World, a company based in Dubai, in the United Arab Emirates...

To help allay suspicions that she's been hijacked by free- traders from her husband's team, Clinton asked Thea Lee, the AFL- CIO's policy director, and Michael Wessel, who had been a top aide of Nafta foe and former House Democratic leader Richard Gephardt, into strategy discussions to debate pro-traders.

I like this bit:

In her interview with Bloomberg, Clinton was careful to describe Nafta as having been negotiated by the administration of President George H.W. Bush ``and then pushed through Congress in the Clinton administration.''

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