The following news has made headlines in a number of major newspapers recently.
13 March, 2012--The US, Japan and the European Union have filed a case
against China at the World Trade Organization, challenging its restrictions on rare earth exports. US President Barack Obama accused China of breaking agreed trade rules. They argue that by limiting exports, China, which produces more than 95% of the world's rare earth metals, has pushed up prices. Beijing has set quotas for exports of rare earths, which are critical to the manufacture of high-tech products from hybrid cars to flat-screen TVs.
Beijing has denied the allegations in the WTO case, saying that it enforced the quotas to ensure there was no environmental damage caused due to excessive mining. China's Industry Minister, Miao Wei, told state media agency Xinhua that the country was "actively preparing to defend ourselves" against the WTO complaints and denied the quotas were trade protectionism. Chinese foreign ministry spokesman Liu Weimin said: "We think the policy is in line with WTO rules. Exports have been stable. China will continue to export, and will manage rare earths based on WTO rules."
What kind of organization is WTO? What kind of role does it play in settling disputes in international trade?
The World Trade Organization is an international organization designed to supervise and liberalize international trade. The organization officially commenced on January 1, 1995 under the Marrakech Agreement, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1947.
The WTO’s procedure for resolving trade quarrels under the Dispute Settlement Understanding is vital for enforcing the rules and therefore for ensuring that trade flows smoothly.
Name the recent cases of trade conflicts that you know, and find out the major complaints.
In 2009, Washington expanded sanctions against European food products in retaliation for Europe's boycott against hormone-treated American beef.
After the 2008 financial crisis, U. S, government initiated a bailout plan of GM and Chrysler to the exclusion of foreign firms. As a response, E.U. accused U. S.
of violating the so-called "national treatment" clauses in trade agreements, and put Washington on notice that it will pursue legal trade remedies if the final bailout package was discriminatory.
In an article entitled ―The Dangers of Turning Inward‖, Jeffrey E. Garten, the author of ―The Coming Trade Wars‖ (Text I), alarms us of the danger of economic protectionism, which is to be differe ntiated from ―ordinary protectionism‖?
Ordinary protectionism such as tariffs and quotas would be one aspect of this problem, but it won't be the worst of it because a web of treaties and the enforcement capabilities 执法能力of the WTO will constrain the most egregious过分的behavior. Economic nationalism is more insidious 暗中为害的because it is broader, more subtle and subject to fewer legal constraints. It is a frame of mind that casts doubt on the very assumption that we live in a single international market, and that relatively open borders are a virtue.
It is based on a calculation that despite all the talk about economic interdependence, nations can go it alone, and could be better off in doing so.
True economic nationalists want above all to protect capital and jobs in their own countries. They see global commerce not as a win-win proposition but as a contest in which there is a victor and a loser. They are thus not focused on international agreements to open the world economy; to the contrary, they are usually figuring out how to avoid international commercial obligations.
Despite the increasing pace of globalization, recent years witnessed a reverse trend of protectionism in international trade.
In 2009, E.U. reintroduced export subsidies on butter and cheese and levied tariffs on American exports of biodiesel fuel. India raised tariffs on steel products.
Brazil and Argentina pressed for a higher external tariff on imports into Mercosur.
In 2010, USA filed 2 cases in World Trade Organization against China over Electrical Steel and Credit Card payment providers. USA alleged that China had
unfairly put duties on US made Steel and was locking out Mastercard and Visa from the credit card processing market in China.
The much-publicized "Buy America" provision of the U.S. stimulus package restricted purchases of construction-related goods to many U.S. manufacturers.
On October 11th 2011, America’s Senate passed the Currency Exchange Rate Oversight Reform Act, which would allow any “fundamentally misaligned”
currency to be labelled a subsidy subject to countervailing duties. In other words, steep tariffs would be imposed on imports from nations with undervalued currencies. It was a provision aimed squarely at China's yuan.
What are the regular protectionist measures?
Tariffs, import quotas, anti-dumping legislation, subsidy, currency manipulation, discriminatory government procurement歧视性政府采购, stimulus and bailout, administrative barriers行政壁垒(restrictive import rules concerning such issues as food safety and environmental standard), etc.
How does protectionism justify itself?
Protectionist policy justifies itself by claiming to protect national economy and domestic market, to retain jobs, to protect and support infant industries.
Often, proponents of protectionism say that free trade is fine in theory, but it does not apply in the real world. Modern trade theory assumes perfectly competitive markets whose characteristics do not reflect real-world market conditions.
Moreover, even though protectionists may concede that economic losses occur with tariffs and other restrictions, they often argue that noneconomic benefits such as national security more than offset the economic losses.
What are the negative consequences of protectionism?
Sabotage free trade, lose jobs in the long run despite short-term gain, or to quote Alan Greenspan, protectionism will only lead to “an atrophy of our com petitive ability. ... If the protectionist route is followed, newer, more efficient industries will have less scope to expand, and overall output and economic welfare will suffer”.
The Coming Trade Wars
The massive intrusion1of government into national economics could spark disastrous protectionism.
Jeffrey E. Garten2
【1】It’s hard to find a top economic official, economist or global business leader who doesn’t recognize today’s heightened dangers of protectionism. But it is equally difficult to identify any high-powered3efforts to actively ward4off the prospect
1intrusion /?n?tru??n/: ~ (into/on/upon sth)
1)something that affects a situation or people's lives in a way that they do not want
●This was another example of press intrusion into the affairs of the royals. 这是新
2)the act of entering a place which is private or where you may not be wanted 闯
●She apologized for the intrusion but said she had an urgent message. 她对迳自
2Jeffrey E. Garten:Jeffrey E. Garten is the Juan Trippe professor of international trade and finance at the Yale School of Management and former undersecretary of commerce for international trade in the first Clinton administration.
1)(of people) having a lot of power and influence; full of energy 有权势的；精力旺
●high-powered executives 劲头十足的行政人员
2)(of activities) important; with a lot of responsibility 重要的；责任重大的
● a high-powered job 位高权重的工作
3)(also high-power) (of machines) very powerful 大功率的
● a high-powered car/computer, etc. 大马力的汽车、高性能的计算机等
4ward /w??d/sb/sth off: to protect or defend yourself against danger, illness, attack, etc. 防止，避免，使防止（危险、疾病、攻击等）
●to ward off criticism 受到批评后为自己开脱
●She put up her hands to ward him off. 她举起双手把他挡开。
of higher tariffs, quotas or trade-blocking regulations.5It is as if talking about the threat is seen as enough to deter6a gigantic7rollback8of global commerce.9 But rhetoric10will not prevent a trade war, which is now, I believe, more likely than it has been at any time since the early 1970s, when currencies were no longer fixed to
5But it is equally difficult to identify any high-powered efforts to actively ward off the prospect of higher tariffs, quotas or trade-blocking regulations.
But there has been few forceful measures taken to actively prevent the future possibility of higher tariffs, quotas or regulations that would obstruct trade.
6deter /d??t??(r)/: (-rr-) ~ sb (from sth/from doing sth) to make sb decide not to do sth or continue doing sth, especially by making them understand the difficulties and unpleasant results of their actions 制止；阻止；威慑；使不敢
●I told him I wasn't interested, but he wasn't deterred. 我已告诉他我不感兴趣，
●The high price of the service could deter people from seeking advice. 这么高的
7gigantic/d?a??g?nt?k/: adj.extremely large 巨大的；庞大的SYN enormous, huge
8rollback/?r??lb?k/: (especially AmE)
1) a reduction in a price or in pay, to a past level（价格或工资等的）下跌，回落
2)the act of changing a situation, law, etc. back to what it was before （情形、法律
9It is as if talking about the threat is seen as enough to deter a gigantic rollback of global commerce.
It is as if we can prevent a massive downturn of global commerce by merely talking about its threat.
1)(fml, often disapproving) speech or writing that is intended to influence people,
but that is not completely honest or sincere 华而不实的言语；花言巧语
●the rhetoric of political slogans 政治口号的虚华辞藻
●empty rhetoric 空洞的花言巧语
2)(fml) the skill of using language in speech or writing in a special way that
influences or entertains people 修辞技巧；修辞SYN eloquence , oratory
the value of gold and began to float11against one another.
【2】A half-century of steady trade liberalization was in jeopardy12even before the current financial and economic meltdown. Prior to the implosion13of Bear Stearns14, the U.S. Congress had taken away almost all of President Bush’s trade-negotiating authority, feeling that the U.S. was no longer gaining enough from new trade agreements, while jobs were being lost and wages undercut15. Well before “subprime16” entered the popular lexicon17, the Doha round of trade negotiations had
11float: (economics) if a government floats its country's money or allows it to float, it allows its value to change freely according to the value of the money of other countries（使货币汇率）自由浮动
12in jeopardy/?d?ep?di/: (IDM) in a dangerous position or situation and likely to be lost or harmed 处于危险境地；受到威胁
1)to burst or explode and collapse into the centre 向心聚爆；内爆；向内坍塌
2)(of an organization, a system, etc.) to fail suddenly and completely 突然崩溃
14Bear Stearns:A global investment bank and securities trading and brokerage, which collapsed as a prelude to the risk management meltdown of the Wall Street investment bank industry in September 2008, and the subsequent global financial crisis and recession.
15undercut /??nd??k?t/: v. (undercutting, undercut, undercut)
1)to sell goods or services at a lower price than your competitors 削价竞争；以低
●to undercut sb's prices 以低于对手的价格求售
●We were able to undercut our European rivals by 5%. 我们能以低于我们的欧
2)to make sth weaker or less likely to be effective 削弱；使降低效率SYN
●Some members of the board were trying to undercut the chairman's authority. 委
n./??nd?k?t/: a way of cutting sb's hair in which the hair is left quite long on top but the hair on the lower part of the head is cut much shorter 大盖儿头发型；帽盔式发型；华盖式发型
16Subprime crisis and credit crunch
collapsed, as rich and poor nations fought over contentious18issues like agriculture. The rise of China and India has raised deep concerns over import penetration, not just in the U.S. and Europe but also in emerging markets like Mexico. For a few years now, prominent economists were raising warning flags that support for free trade was being eroded19by the perception that trade was contributing to
Subprime lending is a type of loan that is offered at a rate above prime to individuals who cannot qualify for prime rate loans because of their low credit ratings or other factors that suggest that they have a reasonable chance of defaulting on the debt repayment. In order to compensate for the higher credit risk, subprime loans tend to have a higher interest rate than the prime rate offered on traditional loans.
The U.S. subprime mortgage crisis was one of the first indicators of the late-2000s financial crisis, characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages. A credit crunch occurs when banks suddenly stop lending, or bond market liquidity evaporates, usually because creditors have become extremely risk averse.
1)(also the lexicon) [sing.] (linguistics) all the words and phrases used in a
particular language or subject; all the words and phrases used and known by a particular person or group of people（某语言或学科、某人或群体使用的）全部词汇
●the lexicon of finance and economics 财经词汇
2) a list of words on a particular subject or in a language in alphabetical order（某学
● a lexicon of technical scientific terms 科技术语词汇表
3) a dictionary, especially one of an ancient language, such as Greek or Hebrew （尤
18contentious /k?n?ten??s/: adj. (fml)
1)likely to cause disagreement between people 可能引起争论的OPP
● a contentious issue/topic/subject 有争议的问题/话题/主题
2)liking to argue; involving a lot of arguing 爱争论的；好争吵的
● a contentious meeting 争论不休的会议
19erode /??r??d/: [often passive] ~ (sth) (away)
ever-greater income inequalities.20
【3】Now, however, the collapse of the global banking system, a deepening global recession and the massive intrusion of governments into national economies – a trend that can’t help but politicize21economic policy decisions – have all added fuel to the fire.22Unemployment is growing, with more than 70,000 layoffs
1)to gradually destroy the surface of sth through the action of wind, rain, etc.; to be
gradually destroyed in this way 侵蚀；腐蚀；风化SYN wear away
●The rocks have eroded away over time. 这些岩石随着时间的推移逐渐风化了。
2)to gradually destroy sth or make it weaker over a period of time; to be destroyed
or made weaker in this way 逐渐毁坏；削弱；损害
●Mortgage payments have been eroded (= decreased in value) by inflation.偿还
●the erosion of the coastline by the sea 海水对海岸线的侵蚀
●soil erosion 水土流失
●the erosion of her confidence 对她信心的削弱
20For a few years now, prominent economists were raising warning flags that support for free trade was being eroded by the perception that trade was contributing to ever-greater income inequalities.
For a few years now, prominent economists were warning that support for free trade was diminishing because people thought that trade was leading to serious income inequalities.
21politicize (BrE also -ise) /p??l?t?sa?z/: [often passive]
1)to make sth a political issue 使政治化；使带有政治色彩
●the highly politicized issue of unemployment 高度政治化的失业问题
2)to make sb/sth become more involved in politics 使参与（或卷入）政治；使对
●The rural population has become increasingly politicized in recent years. 近年
politicization, -isation /p??l?t?sa??ze??n/:
●the politicization of education 教育的政治化
22Now, however, the collapse of the global banking system, a deepening global recession and the massive intrusion of governments into national economies—a
announced in the U.S. and Europe last Monday alone, and global trade volume is now decreasing – by more than 2 percent, according to the World Bank – for the first time in a quarter century. Container23ships sit idle in ports – demand is down 50 percent year on year. America’s own exports declined 6 percent last year, China’s 9 percent and Japan’s a shocking 35 percent. Trade financing, the essential lubricant24of the entire commercial system, has dried up.25Slow growth has meant massive industrial overcapacity26in heavy industries27such as steel, automobiles and
trend that can't help but politicize economic policy decisions—have all added fuel to the fire.
As a consequence of the financial crisis, the global banking system collapsed. The global economy entered into a period of recession. And to relieve the ailing national industries, governments intruded into economies in a massive scale, which only led to the politicizing of economic policies. All these three factors have aggravated the already problematic situation.
23container /k?n?te?n?(r)/: a large metal or wooden box of a standard size in which goods are packed so that they can easily be lifted onto a ship, train, etc. to be transported 集装箱；货柜
a container ship (= one designed to transport such containers) 集装箱船
24lubricant/?lu?br?k?nt/: (also infml lube /lu?b/)a substance, for example oil, that you put on surfaces or parts of a machine so that they move easily and smoothly 润滑剂；润滑油
25Trade financing, the essential lubricant of the entire commercial system, has dried up.
Trade financing that helps reduce difficulties in the entire commercial system has become exhausted.
26overcapacity/???v?k??p?s?ti/: (business) the situation in which an industry or a factory cannot sell as much as it is designed to produce 生产能力过剩
capacity/overcapacity: Capacity refers to the amount a company or an economy can produce using its current equipment, workers, capital and other resources at full tilt. If there is not enough spare capacity to absorb an increase in demand, prices are likely to rise instead. When there is too much spare capacity, however, the result can be deflation, as firms and employees cut their prices and wage demands to compete for whatever demand there may be.
electronics, and with global manufacturing dropping at an annual rate of 20 percent, the situation will get much worse. To be sure, we have yet to see a major outbreak of protectionism. Unlike crises in finance, trade problems are slow to emerge, but once the momentum28begins, the trend takes years to reverse.29
【4】Meanwhile, there are straws in the wind30. In the first half of 2008, antidumping investigations around the world were up at least 30 percent. In December, Washington expanded existing sanctions against selected EU food products in retaliation31for Europe’s boycott of American hormone-treated beef32, an old dispute to be sure, but
27heavy industry: industry that uses large machinery to produce metal, coal, vehicles, etc. 重工业
Compare light industry: industry that produces small or light objects such as things used in the house 轻工业
1)the ability to keep increasing or developing 推进力；动力；势头
●They began to lose momentum in the second half of the game. 在比赛的下半
2) a force that is gained by movement 冲力
●The vehicle gained momentum as the road dipped. 那辆车顺着坡越跑冲力越
3)(technical) the quantity of movement of a moving object, measured as its mass
multiplied by its speed 动量
29…but once the momentum begins, the trend takes years to reverse.
But when international trade takes a bad turn and the situation rapidly deteriorates, it would take the world many years to bring it back to track.
30a straw in the wind: (BrE) a small sign of what might happen in the future （预示发生某事的）迹象，苗头，征兆
31retaliation /r??t?li?e??n/: ~ (against sb/sth) (for sth) action that a person takes against sb who has harmed them in some way 报复SYN reprisal
●The shooting may have been in retaliation for the arrest of the terrorist suspects.
32hormone-treated beef: The Beef Hormone Dispute is one of the two most intractable transatlantic agricultural disputes since the establishment of the World Trade Organization. In the 19905, in the midst of the mad cow disease crisis, the
one that is being escalated33. Brazil and Argentina are exerting pressure on members of Mercosur, the South America n trade block, to raise the group’s external tariff. And because the WTO’s permissible limits on tariffs level are often much higher than the actual tariffs that countries have imposed in recent years, it is all too possible that governments will now raise tariffs and still be within their legal limits –a blow to trade, whatever the law says.34Just last December, after the G2035called on members to resist protection in this troubled times, India raised tariffs on steel, iron and soybeans, and four other governments in the group gave notice that they too were planning to raise tariffs.In the next few weeks, the Obama
European Union banned the import of meat that contained artificial beef hormones. WTO rules permit such bans, but only where a signatory presents valid scientific evidence that the ban is a health and safety measure. Canada and the United States opposed this ban, taking the EU to the WTO Dispute Settlement Body.
33escalate /?esk?le?t/: ~ (sth) (into sth) to become or make sth greater, worse, more serious, etc.（使）逐步扩大，不断恶化，加剧
●The fighting escalated into a full-scale war. 这场交战逐步扩大为全面战争。
●the escalating costs of health care 逐渐增加的保健费用
escalation /?esk??le??n/ n.
●an escalation in food prices 食品价格的不断上涨
●further escalation of the conflict 冲突的进一步加剧
34And because the WTO's permissible limits on tariffs level are often much higher than the actual tariffs that countries have imposed in recent years, it is all too possible that governments will now raise tariffs and still be within their legal limits—a blow to trade, whatever the law says.
Because most countries have imposed tariffs much lower than the tariff lid set by WTO, it is very possible that even if governments raise tariffs now they will still be below the legal limits. This would be detrimental to trade, no matter what the law stipulates.
35G20: The G-20 is a forum for cooperation and consultation on matters pertaining to the international financial system. It is a group of finance ministers and central bank governors from 20 major economies: 19 countries plus the European Union. Collectively, the G-20 economies account for more than 80 percent of the global gross national product (GNP), 80 percent of world trade (including EU intra-trade) and two-thirds of the world population.
administration will be deciding whether to file36a large suit37in the WTO against China’s subsidization38of exports, potentially upping global trade tensions by orders of magnitude39.40
【5】But the most dangerous trade conflicts may stem not from wrangling41over
36file: ~ (for sth) (law) to present sth so that it can be officially recorded and dealt with 提起（诉讼）；提出（申请）；送交（备案）
●to file for divorce 提交离婚申请书
●to file a claim/complaint/petition/lawsuit 提出索赔/申诉；呈交诉状；提起诉讼37suit = lawsuit
●to file/bring a suit against sb 起诉；控告某人
● a divorce suit 离婚诉讼
38subsidize(BrE also -ise) /?s?bs?da?z/: to give money to sb or an organization to help pay for sth; to give a subsidy 资助；补助；给…发津贴SYN fund
●The housing projects are subsidized by the government. 这些住房项目得到政府
subsidization, -isation /?s?bs?da??ze??n/:
39magnitude /?m?gn?tju?d/: ~ (of sth)
1)(fml) the great size or importance of sth; the degree to which sth is large or
●We did not realize the magnitude of the problem. 我们没有意识到这个问题的
● a discovery of the first magnitude 一项极重要的发现
2)(astronomy) the degree to which a star is bright 星等；星的亮度
●The star varies in brightness by about three magnitudes. 星体的亮度大约分三个
3)(geology) the size of an earthquake 震级
40…potentially upping gl obal trade tensions by orders of magnitude.
It might greatly worsen the already tense global trade relations.
41wrangle/?r??gl/: n. ~ (with sb) (over sth) | ~ (between A and B) an argument that is complicated and continues over a long period of time（长时间的）争论，争吵
● a legal wrangle between the company and their suppliers 这家公司与各供货商
traditional subsidies or tariffs, but from the new fiscal stimulus42plans being launched around the world to counter the economic downturn. In recent months, politicians have been encouraging consumers to, in the words of the Spanish industry minister Miguel Sebastian, “buy patriotically.” Now as one country after another enacts43major stimulus packages, they are sure to attempt to limit government procurement44to domestic producers.45The current U.S. House of
v. ~ (with sb) (over/about sth) to argue angrily and usually for a long time about sth （通常为长时间地）争吵，争辩
●They're still wrangling over the financial details. 他们仍在为财务细节争吵。42stimulus /?st?mj?l?s/: (pl. stimuli /-la?/) ~ (to/for sth) | ~ (to do sth)
1)[usually sing.] something that helps sb/sth to develop better or more quickly 促
●Books provide children with ideas and a stimulus for play. 书不仅给孩子们以
●The new tax laws should act as a stimulus to exports. 新税法应该能促进出口。
2)something that produces a reaction in a human, an animal or a plant （使生物产
●sensory/al/visual stimuli 感官/言语/视觉刺激
●The animals were conditioned to respond to auditory stimuli (= sounds). 经过训
1)(law) to pass a law 通过（法律）
●legislation enacted by parliament 由议会通过的法律
2)(fml) to perform a play or act a part in a play 扮演；担任…角色；演出
●scenes from history enacted by local residents 由当地居民参加演出的历史场
3)be enacted: (fml) to take place 发生；进行；举行SYN be played out
●They seemed unaware of the drama being enacted a few feet away from them. 他
44procurement/pr??kj??m?nt/: (fml) the process of obtaining supplies of sth, especially for a government or an organization（尤指为政府或机构）采购，购买45Now as one country after another enacts major stimulus packages, they are sure to attempt to limit government procurement to domestic producers.
Now as one country after another enacts major plans to stimulate the depressed
Representatives version of the $825 billion stimulus bill, for example, is already riddled46with “Buy America47” legislation mandating48that the money or
economy, the governments are sure to attempt to buy products from the domestic producers instead of the foreign companies.
46riddle: [usually passive] to make a lot of holes in sb/sth 使布满窟窿
●The car was riddled with bullets. 这辆车被子弹打得千疮百孔。
be riddled with sth: (IDM) to be full of sth, especially sth bad or unpleasant 充满；充斥
●Her typing was slow and riddled with mistakes. 她打字很慢而且错误百出。47―Buy American‖ Act and ―Buy America‖ Provisions
The Buy American Act applies to all U.S. federal government agency purchases of goods valued over the micropurchase threshold, but does not apply to services. Under the Act, all goods for public use must be produced in the U.S., and manufactured items must be manufactured in the U.S. from U.S. materials. Many states and municipalities include similar geographic production requirements in their procurement legislation. 1933 Buy American creates a price preference that favors "domestic end products" from American firms on U.S. federal government contracts. Buy America provisions are applied to transit-related procurements valued over US$100,000, for which funding includes grants administered by the Federal Transit Authority (FTA) or Federal Highway Administration (FHWA). Buy America provisions are a condition of U.S. federal government grants to state, municipal or other organizations including transit authorities. Buy America provisions, such as requirements for 100% U.S. content for iron/steel and manufactured products, put the goods and services of other countries at a serious disadvantage.
48mandate /?m?nde?t; ?m?n?de?t/: [often passive] (fml)
1)(especially AmE) to order sb to behave, do sth or vote in a particular way 强制执
●The law mandates that imported goods be identified as such. 法律规定进口货物
2)to give sb, especially a government or a committee, the authority to do sth 授权
●The assembly was mandated to draft a constitutio n.大会被授权起草一份章程。
subsidies go exclusively to U.S. makers of steel, cement49, etc.
【6】Beyond that, the efforts of many governments to bail out entire industries risk taking on a protectionist tone.50Washington is again a case in point as it spends billions to rescue Detroit’s Big Three, with not a penny going to Toyota or BMW, both of which are hurting from the downturn and both of which are gigantic investors in the U.S. and employers of tens of thousand of Americans. Another looming51problem could concern the aircraft industry, as just last week the French government decided to subsidize financing for Airbus52not just with normal export financing but with money heretofore53reserved for rescuing banks. How long before
49cement /s??ment/: a grey powder made by burning clay and lime that sets hard when it is mixed with water. Cement is used in building to stick bricks together and to make very hard surfaces. 水泥
50Beyond that, The efforts of many governments to bail out entire industries risk taking on a protectionist tone.
Furthermore, the governments who decide to bail out the entire industries would run the risk of being considered protectionist.
51loom /lu?m/: ,
1)to appear as a large shape that is not clear, especially in a frightening or
threatening way 赫然耸现；（尤指）令人惊恐地隐现
● A dark shape loomed up ahead of us. 一个黑糊糊的影子隐隐出现在我们的前
2)to appear important or threatening and likely to happen soon 显得突出；逼近
●There was a crisis looming. 危机迫在眉睫。
loom large: (IDM) to be worrying or frightening and seem hard to avoid 令人忧虑，令人惊恐（并似乎难以避免）
●The prospect of war loomed large. 战争的阴影在逼近，令人忧虑。
n. a machine for making cloth by twisting threads between other threads which go in a different direction 织布机
52airbus/?e?b?s/: a large plane that carries passengers over short and medium distances 空中客车，空中巴士（运送中、短途乘客的大型飞机）
Airbus: Airbus is the world’s leading aircraft manufacturer which produces more than half of t he world’s jet liners. Airbus employs around 52,000 people at sixteen sites in four European Union countries: France, Germany, the United Kingdom and Spain.
Washington and Boeing follow suit54?
【7】In the stimulus and bailout cases, this kind of discrimination between “domestic” and “foreign” companies is exactly what trade negotiations since 1947 have tried to combat. Foreign investment is the lifeline55for many nations, and distinctions between foreign and domestic firms are increasingly blurred.56Complex global supply chains crisscross57the world, making discrimination on the basis of nationality a throwback58to another age and a monkey wrench59in the
Final assembly production is at Toulouse (France), Hamburg (Germany), Seville (Spain) and, since 2009, Tianjin (China).
53heretofore/?h??tu?f??(r)/:adv. (fml) before this time 在这之前
1)(in card games) to play a card of the same suit that has just been played 跟牌（跟
2)to act or behave in the way that sb else has just done 跟着某人做；仿效某人；
55lifeline/?la?fla?n/: something that is very important for sb and that they depend on 命脉；生命线
●The extra payments are a lifeline for most single mothers. 额外补助对大多数单
56Foreign investment is the lifeline for many nations, and distinctions between foreign and domestic firms are increasingly blurred.
Foreign investment is indispensable for many nations, and distinctions between foreign and domestic firms are increasingly invisible.
57criss-cross/?kr?s kr?s/: adj. [usually before n.] with many straight lines that cross each other 十字交叉的；纵横交错的
● a criss-cross pattern 十字形图案
v. to make a pattern on sth with many straight lines that cross each other 构成十字形（或交叉）图案
●The city is criss-crossed with canals. 这座城市里运河纵横交错。
58throwback/?θr??b?k/: [usually sing.] ~ (to sth) a person or thing that is similar to sb/sth that existed in the past 返祖者；返祖；返祖型的东西
●The car's design is a throwback to the 1960s. 这种汽车的设计回到了20 世纪
machinery60of modern global commerce.61
【8】Another palpable62protectionist threat is the possibility of competitive currency devaluations6364. The problem could be particularly acute among Asian
59monkey wrench = adjustable spanner: a tool that can be adjusted to hold and turn things of different widths活动扳手
throw a monkey wrench in/into sth: (IDM) (also throw a wrench in/into sth) (AmE, infml) to do sth to spoil sb's plans 破坏，阻挠（计划）
60machinery /m???i?n?ri/: ~ (of sth) | ~ (for doing sth) the organization or structure of sth; the system for doing sth 组织；机构；系统；体制
●the machinery of government 政府机构
●There is no machinery for resolving disputes. 根本没有解决纷争的机制。
61Complex global supply chains crisscross the world, making discrimination on the basis of nationality a throwback to another age and a monkey wrench in the machinery of modern global commerce.
The world is now a complex network of intersected supply chains. Under these circumstances, discriminatory trade action concerning nationality is actually a huge step backwards and a severe blow to the system of modern global commerce.
62palpable /?p?lp?bl/: adj. that is easily noticed by the mind or the senses 易于察觉的；可意识到的；明显的
● a palpable sense of relief 如释重负
●The tension in the room was almost palpable. 屋子里的紧张气氛几乎能感觉
1)~ (sth) (against sth) (finance) to reduce the value of the money of one country
when it is exchanged for the money of another country 使（货币）贬值OPP revalue
2)to give a lower value to sth, making it seem less important than it really is 降
●Work in the home is often ignored and devalued. 家务劳动常常被忽视和贬低。devaluation /?di??v?lju?e??n/:
●There has been a further small devaluation against the dollar. 兑美元的比值继
64currency devaluation: Currency devaluation is the active decision of a
countries, which collectively rely on exports for more than 40 percent of their GDP. At his recent Senate confirmation hearings65, U.S. Treasury Secretary Timothy Geithner accused China of intentionally holding down the value of the yuan as a subsidy66to its exporters. He threatened to kick off67serious negotiations with China that could, if unsuccessful, lead to trade sanctions. This was a much harder
government to reduce the value of its own currency relative to other currencies. Devaluation occurs exclusively in fixed exchange-rate systems, when the currency in question is pegged to another currency. Governments devalue their own currencies to make their exports less expensive in foreign markets. In a fixed exchange rate system, both devaluation and revaluation can be conducted by policymakers, usually motivated by market pressures. Under a floating exchange rate system, market forces generate changes in the value of the currency, known as currency depreciation or appreciation.
65hearing: an official meeting at which the facts about a crime, complaint, etc. are presented to the person or group of people who will have to decide what action to take 审讯；审理；听审；听证会
● a court/disciplinary hearing 庭审；纪律聆讯
66subsidy: Money paid, usually by government, to keep prices below what they would be in a free market, or to keep alive businesses that would otherwise go bust, or to make activities happen that otherwise would not take place. Subsidies can be a form of protectionism by making domestic goods and services artificially competitive against imports. By distorting markets, they can impose large economic costs.
1)when a football (soccer) game or a team, etc. kicks off, the game starts （足球比
2)to suddenly become angry or violent 发怒；动怒
kick off (with sth): (infml) to start 开始
●What time shall we kick off? 我们什么时候开始？
●Tom will kick off with a few comments. 汤姆讲话时要先发表几点意见。
kick sth off: to remove sth by kicking 踢开，踢掉（某物）
●to kick off your shoes 把鞋踢掉
kick off sth: to start a discussion, a meeting, an event, etc. 开始进行讨论（或会议、项目等）SYN open
line68against China than the Bush administration followed, made all the more dramatic because it was the first thing the new administration has said about the country on which so much of America’s future depends.
【9】Since the 1950s, the U.S. has led the charge for dismantling69global trade barriers. Yet, during the recent presidential election, then candidate Barack Obama seemed ambivalent70about this legacy, with his call to renegotiate NAFTA71and his almost blanket72support for the policies of the protectionist labor unions. Now, with trade tensions sure to rise, the president must change his tune and become a global leader.
【10】If there is a serious deterioration73of global commerce due to protectionism,
68hard line: a strict policy or attitude 强硬政策（或态度）
●the judge's hard line against drug dealers 法官对待毒品贩子的坚定态度
●The government took a hard line on the strike. 政府对罢工采取了强硬态度。69dismantle /d?s?m?ntl/: to end an organization or system gradually in an organized way（逐渐）废除，取消
●The government was in the process of dismantling the state-owned industries. 政
70ambivalent /?m?b?v?l?nt/: adj.~ (about/towards sb/sth) having or showing both good and bad feelings about sb/sth（忧喜参半、好坏参半等）矛盾情绪的
●She seems to feel ambivalent about her new job. 她似乎对她的新工作忧喜参
●He has an ambivalent attitude towards her. 他对她怀着矛盾的心情。ambivalence: ~ (about/towards sb/sth)
●Many people feel some ambivalence towards television and its effect on our lives.
71NAFTA: North American Free Trade Agreement北美自由贸易协定
72blanket: adj. including or affecting all possible cases, situations or people 包括所有情形（或人员）的；总括的；综合的
● a blanket ban on tobacco advertising 烟草广告的全面取缔
● a blanket refusal 完全拒绝
73deteriorate /d??t??ri?re?t/: ~ (into sth) to become worse 变坏；恶化；退化