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Tobias Levkovich, chief US equity strategist for Citigroup says that protectionism can cause inflation ,a drop-off in business activity, and that US has other options to counteract the unemployment against cheaper import goods.

Against a backdrop of stubbornly high unemployment, both major political parties in the US have picked out China as a target for anger and, perhaps, protectionism. Concerned that cheap Chinese industries are usurping US jobs, politicians are threatening protectionist measures.