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Face value: Stemming the tide

机译：面值：防潮

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Free traders rarely have much to celebrate in Washington, DC, these days. America's lawmakers seem ever more sceptical of globalisation, reluctant to agree to any new trade deals and gripped by a virulent Sinophobia. George Bush's team is trying all its weaponry in an uphill battle to get a free-trade pact with Central America through Congress. Import quotas have already been slapped on various Chinese textile products. If Beijing does not do something about its currency peg, the risks are that more and nastier protectionism will follow. Although the shouting match with Europe over aircraft subsidies has calmed down as both sides have sent their complaints to the World Trade Organisation, transatlantic trade relations are still testy. A bilateral EU-US trade summit next week will yield little more than hot air. And with the clock ticking on the Doha round of global trade talks, serious political breakthroughs are nowhere in sight. Far from showing great leadership on global trade, a more frequent question in Washington is whether America can avoid slipping backwards.
机译：如今，自由交易者很少在华盛顿特区庆祝。美国国会议员似乎对全球化持怀疑态度，他们不愿接受任何新的贸易协议，并被强大的恐同症所困扰。乔治·布什（George Bush）的团队正在艰难的战斗中尝试所有武器，以通过国会与中美洲达成自由贸易协定。各种中国纺织品的进口配额已经被取消。如果北京不对其钉住汇率采取任何措施，则可能会出现更多和更恶劣的贸易保护主义。尽管双方都向世界贸易组织（WTO）投诉了，欧洲在飞机补贴问题上的高喊声已经平息了，但跨大西洋贸易关系仍是见证。下周举行的一次双边美欧贸易峰会只会带来更多好处。随着多哈回合全球贸易谈判的钟声敲响，严重的政治突破已无处可寻。华盛顿不仅没有在全球贸易上表现出卓越的领导能力，反而更常见的问题是美国是否可以避免倒退。

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