- Jul 1, 2010
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I think it would be a mistake to introduce import taxes. This only makes the other countries retaliate and what western economies don't need now is another barrier to increasing their export market. To compete with these new emerging economies we need to do what we do best. Manufacture and export those coveted brand names for which, as economies grow, there will be an increasing market. The kind of protectionism such as increased import taxes has been tried in Europe and failed, in fact the introduction of the EU was partly to guarentee a free market to it's member states. Our economies are in such a mess because for years we have both as individuals and as nations, lived above our means on money we didn't have. Now the chickens have come to roost!