TITLE

War in Iraq: who will pay?

AUTHOR(S)
Bloom, Jonty
PUB. DATE
May 2003
SOURCE
Accountancy;May2003, Vol. 131 Issue 1317, p30
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The author looks at economic consequences of the Iraq war of 2003 and discovers that poor trade relations between the U.S. and the EU could make both of them losers. The U.S. is taking money away from its highly-efficient and productive private sector and spending it on less productive things, like border controls. In the long-term that is likely to work to the detriment of the U.S. and therefore the world's economy. Rebuilding Iraqi infrastructure is the foremost duty of the world. Instead the U.S. is investing money and diplomatic time and effort to open up oil production elsewhere. Bringing more Iraqi oil to the market fits into that long-term plan very nicely. It adds to the amount of oil available on the international market at any one time and therefore keeps the price down. It also makes it much more difficult for any one dictator, country, cartel or region to control the supply of oil. American President George W. Bush has put tariffs on steel imports and increased agricultural subsidies in order to protect domestic industries. With the Doha Trade Round already pretty mired down there could be a real chance that more of the same could follow and even if the US doesn't introduce anymore tariffs the failure of the Doha trade talks would in itself be a blow to the world's economy. Trade disputes cause a lot of collateral damage. British companies which do business in the U.S. are in an enviable position at the moment. INSET: Iraq conflict hits Motown..
ACCESSION #
11861065

 

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