Sophia Besch sits down with Michael Pettis to talk about the failures of our modern global trading system and how to fix them.
Our modern global trading system is broken. How can we fix it?
We seem to have moved beyond the free trade consensus of the globalization era. Few politicians today still publicly support the assumption that trade, unrestricted by national borders, makes everyone more prosperous. Under President Trump, the United States has wielded tariffs and industrial policy to reshape the international trade order to better serve American interests, and the Biden administration has upheld and doubled down on many of these. But these interventions do not yet add up to a new trade policy consensus.
This week's episode dives into a provocative new argument: in order to achieve freer trade, the world needs more trade interventions. What is global trade policy doing wrong? What new trade rules are needed to create a system that both harnesses the benefits of free trade and preserves nations' freedom to direct their economies? And what policy interventions might help foster this future of freer trade? Sophia discusses these questions and more with Michael Pettis, a nonresident Senior Fellow for Carnegie China and expert on China's economy.
Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.
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Ambassador James B. Story most recently served as U.S. Ambassador for the Venezuela Affairs Unit, located at the United States Embassy in Bogotá, Colombia. Previously, Ambassador Story served as Chargé d’Affaires at the Venezuela Affairs Unit and, prior to mid-2019, the United States Embassy in Caracas, Venezuela.
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