Protectionism is a ‘dead end’, says New York Fed president
Dudley highlights second-round impact of protectionist policies, which ultimately harm higher-paying jobs
The president of the Federal Reserve Bank has said helping domestic workers and companies to “compete more effectively” would be a better policy than protectionism.
Speaking in Mumbai on May 11, William Dudley examined the benefits and challenges of globalisation, stressing protectionist policies are not the answer.
“Countries need to compete better, not compete less. Trade barriers are a very expensive way to preserve jobs in less competitive or declining industries,” he said. For the New
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