Caterpillar CEO Speaks Out Against U.S. Imposing New China Tariffs

Thank you Caterpillar. 

Caterpillar's CEO, Jim Owens, warned today that deteriorating trade relations between the US and China could plunge the global economy into recession and called on the United States Congress to back away from protectionist measures: 

"Personally, I can think of no faster path to a worldwide recession than for the twin engines of the global economy...to turn against each other," he told a manufacturing conference here. "And if some misguided piece of legislation like the Schumer bill gets through Congress, the chances of that happening are high."

Mr Owens sought to defuse support from smaller US manufacturers for trade barriers. "If the US adopts trade barriers . . . then all US manufacturers � large and small � will see access to their prospective customers restricted," he said.

To which, I say amen.