The , assistant to the US President Barack Obama for economic policy, Lawrence Summers has recently said that Protectionism has become a huge threat for the environment in the global economy as it has helped no one in the end.

It is to be mentioned here that Summers also pointed out the fact that it only makes people poor and nations more hostile to one another rather than giving more opportunities to people and workers.

He also said that keeping in mind the fact that at a time when all the major economies of this world are having a tough time in to boost growth after the global economic slowdown, it is very tough to accept the large-scale managed demand diversion.

Experts are of a view that US and the many other countries want is to make China to allow its currency to rise which may lead to reduction in the export level of the company.

However, Summers made it very clear at the outset that the issue is not at all related to the narrow trade advantage coming from the relative price associated with the exchange rate.