Welcome to the Age of 'The Universal Trade War'

Forget about trade friction between the U.S. and China. Now it's a global trade war. As more and more aggrieved countries jump into the game, we find ourselves in a world of retributive duties and other government actions against the ''dumping'' of goods in export markets. It's not just the U.S. fighting with China. South Africa, India, Malaysia and Taiwan have also filed grievances. And China is responding in kind. On this episode, we welcome back attorney William Perry, now with the international law firm of Harris Moure, who explains how the policies of nominal trading ''partners'' have escalated tensions and undermined global commerce. Protectionism can have serious unintended consequences on the economy, Harris argues. Action against a single imported item can end up threatening thousands of jobs in another sector, and possibly entire domestic industries. Perry also offers his view on whether the World Trade Organization is still effective and relevant.