Economic backlash from the richer nations

The economic threat to industrialized countries from the newly industrializing countries has drawn a sharp backlash from the richer nations. In the USA, steel producers have filed unfair trade-practices complaints against such advanced developing countries as South Korea, Mexico, Argentina and Romania. Other domestic industries, from textiles to petrochemicals, are clamouring for protection. Similar pressures are emerging in Japan and Europe. These pressures are likely to intensify as the developing countries, burdened by large foreign-debt loads, push to increase their exports. This could lead to a sharp increase in trade restrictions by the richer nations, and consequently to a cutback of trade opportunities worldwide.