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 WASHINGTON (AP) - A move to protect threatened American industries and workers from foreign competition would be a serious mistake that would jeopardize the sizable benefits of free trade, Federal Reserve Chairman Ben Bernanke said Tuesday.
"Restricting trade by imposing tariffs, quotas and other barriers is exactly the wrong thing to do," Bernanke said in remarks prepared for an audience at Montana Tech in Butte, Mont.
"In the long run, economic isolationism and retreat from international competition would inexorably lead to lower productivity for U.S. firms and lower living standards for U.S. consumers," Bernanke said.
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