Credit Suisse: Russia Is More Free Trade Than the US
- Has less protectionist measures in place than US
- Still falls short of China, EU and Japan
Neat chart from Credit Suisse summarising the extent (and distribution) of new protectionist policies across several key economies:
Several points worth making:
BRIC come second and Europe comes third. Which is again highly ironic as BRIC rely heavily on trade-driven model for growth and Europe can't get over how (allegedly) free trade it is.
Everywhere, save Russia and the U.S., state aid & bailouts is minor segment of trade protectionism policies.
Export subsidies are meaningful in China and India.
Trade defence and finance measures dominate in the U.S., India, Brazil and Europe, and are weaker in Japan and China, while virtually non-existent in Russia.
All-in - a pretty ugly picture of reality post-crisis.
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