Fresh from announcing a 56 per cent plummet in first quarter earnings, UPS CEO Scott Davis warned that protectionist moves would seriously danger the fragile global economy. “UPS will emerge from these difficult times as a more efficient and finely-honed enterprise,” said Davis.

He added: “In this worldwide recession, no one should lose focus on global trade. It is one of the most important tools we have to lift us out of this financial crisis. The fragile economic conditions we are all dealing with raises serious danger of increased protectionism as individiual countries seek to bolster their own economies without regard to broader implications. Global trade has fostered two decades of dramatic growth. Now is not the time to back away from the progress that has been achieved.”