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Is Free Trade in the West in Danger?
As the global community deals with a financial crisis of astronomic proportions, the casualties continue to mount. The latest endangered institution isfree trade. The level of protectionist rhetoric sounded by politicians, particularly in the U.S., has risen significantly, reflecting the current mood of the country. In this year's Pew 'Global Attitudes' survey, only 53% of Americans surveyed view trade as beneficial to the country. This number contrasts starkly with the European general attitude towards trade. Europeans questioned in the survey hold a far more favorable view of trade. While these figures may appear surprising on the face of things – both sides of the Atlantic are feeling the pains of the economic downturn, and in some cases are firmly entrenched in recessions – Europe stands to lose a lot more than the U.S. if free trade is scaled back.