AFTER putting up a party-tent for global trade, some U.S. leaders are shocked -- just shocked -- to find that China has come shopping for an American oil company.
The worries come with skimpy rationales, weak history lessons and paler- still economics. The criticizing also misses the boat on free trade: Everyone gets to make a deal in the world market, not just the United States.
(...)
It's time to reduce the fear factor. Buying Unocal is not the same as buying a secret missile system, a vital piece of geography such as the Panama Canal or even an oil "major'' with price-setting powers. The company accounts for less than 1 percent of U.S. oil and gas consumption. Blocking the deal won't save the United States from much except wounded pride.
(...)
Does the United States back free trade, even when it causes pain?
If the bid fails because (...) the Bush administration forbids the deal, the world will question this nation's sincerity in its global trade commitment.
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