CAMBRIDGE, Massachusetts -- It is appalling that the world has decided to blame the United States for the crushing end to five years of global trade talks last month (the so-called Doha Round).
I am the first to admit that the U.S. under President George W. Bush has not covered itself with multilateral glory in recent years. But accuse America of sabotaging the trade talks? Give me a break.
Has anybody noticed that for more than a decade now, U.S. imports have been averaging several hundred billion dollars more than exports? Do people seriously believe that the U.S. has accomplished its majestic trade deficit by shutting its doors to foreign goods?