Caterpillar Condemns Proposed Trade Restrictions

Chicago Daily Observer reports:

General Electric Co. and Caterpillar Inc. are among U.S. exporters that oppose “Buy American” provisions in the $825 billion stimulus legislation, saying it might spark a trade war. The companies say that proposals pushed by companies such as U.S. Steel Corp. and Nucor Corp. to limit spending in the stimulus plan to American-made iron and steel risk igniting retaliation from other countries.

Is the Obama Administration the second coming of Smoot-Hawley?