Boskin Warns of Trade War: White House...

Boskin Warns of Trade War: White House economic adviser Michael Boskin said the United States could end up in a trade war with its allies if it retaliates against unfair trading practices. “I think we are starting to see a tremendous amount of bashing of our allies and trading partners,” he told a conference sponsored by the U.S. Chamber of Commerce. The Administration has been under intense pressure by some members of Congress to put Japan, South Korea and Brazil on a list of nations that could face U.S. retaliation for unfair practices. Boskin said unfair trade barriers accounted for only a small part of the U.S. trade deficit and said retaliation was a dangerous weapon. “By far the biggest danger to the economy is the incredible gathering momentum that could well produce a trade war,” he said.