Are We Going to Have a New Industrial Policy?

There is no question that that is how European political and business elites are experiencing this, which is just protectionism. And now we have to do our own. That would be such a shame if, as a result of trying to move away from fossil fuels, one casualty was the world trade system. It's interesting Felix, because all this is going underneath the label of a new industrial policy. When people talk about Biden industrial policy, this is what they're talking about. But it really has these pernicious long-term effects," he says.