BAKER’S BIG WORRY IS PROTECTIONISM
It seems a long time ago that James Baker III returned in triumph from the summit in Tokyo, an international economic coordination agreement in one pocket, and cheerful forecasts for world growth in another.
The growth envisioned in May has not materialized. Coordination of economic policy appears to have evaporated. The US trade deficit still gapes open, despite the Treasury Secretary’s earnest efforts, producing a fearsome imbalance in the world’s economic structure.
In an exclusive interview with Euromoney editor Neil Osborn last month, Baker confessed to being a worried man.
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