Nobel Laureate Spence Sees New Phase in U.S.-China Trade Where Frictions Won't Go Away

The video discusses the current state of global trade, focusing on the US-China relationship and the disruptions in the global trade system. It explores whether a return to pre-2015 trade conditions is possible or if a new phase has begun, emphasizing the role of technology and increased fragmentation. The impact on multinational corporations is examined, highlighting the need for adaptability. The video concludes with potential economic wins for the US, such as China adhering to WTO rules and reducing state-owned enterprise subsidies.

What is the main concern regarding the global trade system as discussed in the first section?

• The return to pre-2015 trade conditions

• The rise of new trade agreements

• The increase in global trade volume

• The disruption and fragmentation of the trade system

How are multinational corporations expected to respond to a more fragmented trade environment?

• By forming new trade unions

• By reducing their global presence

• By becoming more agile and adaptable

• By focusing solely on domestic markets

What has accelerated the migration of labor-intensive industries out of China?

• Environmental regulations

• The trade war

• The global financial crisis

• Technological advancements

What is considered a potential economic win for the United States in its trade relations with China?

• China increasing its exports to the US

• China adhering to WTO rules and reducing subsidies

• The US imposing higher tariffs on Chinese goods

• The US reducing its trade deficit with China

Which sector is highlighted as needing better market access in the US-China trade discussions?

• Agriculture

• Technology

• Financial sector

• Manufacturing