Professor Joseph Stiglitz, a Nobel Prize-winning economist and former chief economist at the World Bank, shares his insights on the controversial UK-US trade deal. He argues that the agreement poses risks for the UK and highlights China's strategic advantage in navigating U.S. tariffs. Stiglitz also discusses how the deal could negatively impact global economic dynamics and potentially lead to crises like inflation and stagnation. His expertise sheds light on the complexities of international trade and the shifting power dynamics in a post-Trump world.
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insights INSIGHT
UK-US Deal Was A Strategic Mistake
The UK made a strategic error rushing into a trade deal with the US under Trump.
China's stronger stance and supply control contrast sharply with the UK’s concessionary approach.
insights INSIGHT
Trade Deficit Driven by Macroeconomics
The multilateral trade deficit is shaped by macroeconomic fundamentals, not small trade deals.
Exchange rates will adjust and tax cuts may worsen the deficit despite tariff policies.
insights INSIGHT
Supply Chain Issues Enable Price Hikes
Tariffs and supply chain shortages cause price hikes via limited competition and 'greedflation.'
Companies exploit reduced competition to increase prices gradually, impacting consumers.
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The Road to Freedom, Economics and the Good Society
The Road to Freedom, Economics and the Good Society
Joseph Stiglitz
As more details of the trade deal between the UK and United States emerge, we get a view from the Novel prize winning economist and author, Professor Joseph Stiglitz. He explains to Justin why the deal is a mistake for the UK, why China has a better strategy against President Trump’s tariffs, and how the UK’s deal adversely affects the rest of the world.
Professor Stiglitz is a former Chief Economist at the World Bank, a former chair of the U.S. President’s Economic Council, and his most recent book The Road to Freedom: Economics and the Good Society unpicks what real economic freedom means, and how to achieve it.
HOSTS:
• Justin Webb, Radio 4 Presenter
GUEST:
Professor Joseph Stiglitz, Nobel Laureate, former chief economist at the World Bank, former chair of the council of economic Advisers and author of The Road to Freedom: Economics and the Good Society.
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