Bush Warns Against Trade Barriers in Speech at Caterpillar

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President Bush on Tuesday warned against erecting global trade barriers during a visit to heavy-duty engine manufacturer Caterpillar’s East Peoria, Ill., headquarters, Bloomberg reported.While some lawmakers in the Democratic-controlled Congress have called for increased restrictions to help reign in the nation’s trade deficit, Bush is pushing for continuing free trade with nations like China, to which Caterpillar said it exported about $10 billion in products in 2006.Bush credited lenient trade regulations with countries such as Australia, Chile and China for boosting sales at Caterpillar, which White House officials highlighted as a company that is reaping the benefits of a global market place, Bloomberg said.About half of Caterpillar’s 2006 sales were registered outside the North America, Bloomberg reported.Bush’s address at Caterpillar was the first of two economic speeches the President has planned for this week. The second will take place Wednesday in New York, Bloomberg said.