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Greenspan hits back at EU trade tariffs
ALAN Greenspan has launched a thinly-veiled attack on the escalating trade war between the US and European Union.
"It is imperative that creeping protectionism be thwarted and reversed," the Federal Reserve chairman said in a speech on the US current account. "The costs of any new... protectionist initiatives, in the context of wide current account imbalances, could significantly erode the flexibility of the global economy."
On Monday, the EU slapped trade sanctions on a mixed bag of US imports ranging from pig meat to nuclear reactors, in response to White House tax breaks for American exporters.
The import duties start at 5 per cent and will rise by 1 per cent per month until the US annuls its tax breaks.
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Weather for Edinburgh
Thursday 24 May 2012
Today
Sunny spells
Temperature: 10 C to 23 C
Wind Speed: 12 mph
Wind direction: North
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Sunny spells
Temperature: 9 C to 21 C
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