A top Caribbean ambassador in Washington says strong American `protectionism` push, reiterated by President Barack Obama last night in his speech to Congress, may affect many Caribbean nations.
St. Vincent and the Grenadines Ambassador to Washington, La Celia Prince, told CWNN exclusively last night that she noted the `statements made expressing an intent for protectionism` by the new President and said if this is `stridently implemented,` it will not bode well for many Caribbean nations.
Chief among the protectionism talk was focus on off-shore companies. Following on his tough talk regarding off-shore entities that began from his days in the Senate, President Obama last night urged the Congress to `balance our tax code by finally ending the tax breaks for corporations that ship our jobs overseas.`
The economies of many Caribbean countries are propped up by off-shore companies and the issue was a sore one for some regional governments during the 2008 campaign.
Prince also said while she was thrilled to see the US`s first black President in his inaugural address to the Congress, she noted with interest that there was very little foreign policy reference in his speech.
Apart from Iraq, the Middle East, Guantanamo and Afghanistan and Pakistan, Obama`s focus remained on domestic policies, especially on the recreation of jobs and ending the credit crisis. And he especially targeted CEO`s who received bail outs from the government.
`I intend to hold these banks fully accountable for the assistance they receive, and this time, they will have to clearly demonstrate how taxpayer dollars result in more lending for the American taxpayer. This time, CEOs won’t be able to use taxpayer money to pad their paychecks or buy fancy drapes or disappear on a private jet. Those days are over,` stated the President.
Ambassador Prince said she realizes that given the extenuating circumstances which undoubtedly set the context for the address, it was not entirely surprising that the content was pitched specifically to a domestic audience and focused largely on economic recovery.
Still she said her `overall assessment is that President Obama delivered an excellent and well balanced speech: a realistic look at the gravity of the problems; the need for sacrifice; concrete and creative solutions and hope for success.`
Source: caribworldnews.com
