UKTPO Report Outlines Trade Winners & Losers

The video discusses a report from the UK Trade Policy Observatory on the winners and losers of trade within nations, highlighting the need for policymakers to address the negative impacts on certain industries and workers. It explores the decline in manufacturing employment due to various factors, including trade, technology, and productivity changes. The discussion also covers the shift in US trade policy and the challenges the UK faces in negotiating trade deals with the US and EU.

What is the broad conclusion about international trade according to the report?

• Trade has no impact on the economy.

• Trade is detrimental to all industries.

• Trade increases the economic pie, but not everyone benefits equally.

• Trade benefits everyone equally.

What is one of the main challenges for policymakers in addressing the negatives of globalization?

• Reducing the size of the economic pie.

• Providing training and assistance to affected workers.

• Eliminating all trade agreements.

• Increasing tariffs on imports.

What has been a significant factor in the decline of manufacturing employment in the US and UK?

• Decrease in technological advancements.

• Lack of consumer demand.

• Rise of China in the global economy.

• Increased tariffs.

How have political views on trade shifted in the US?

• Republicans have become more protectionist.

• Both parties have maintained their traditional views.

• Democrats have become more supportive of free trade.

• There has been no change in political views.

What future trend is likely to have a greater impact on the economy than trade shocks?

• Rise in automation and artificial intelligence.

• Decrease in global population.

• Expansion of agricultural sectors.

• Increased tariffs.

What is a major challenge for the UK in negotiating a trade deal with the US?

• Aligning with the US's regulatory regime.

• Maintaining low tariffs with the US.

• Aligning with the EU's regulatory regime.

• Increasing trade with non-EU countries.

Why is it difficult for the UK to compensate for the loss of access to the EU market?

• The EU market is not significant for the UK.

• The UK has no trade agreements with other countries.

• Regulatory differences between the US and EU.

• The US market is smaller than the EU market.