China and the Reordering of World Trade | Former Under Secretary of the Treasury for International Affairs Jay Shambaugh

Jay Shambaugh, an economist and former Under Secretary of the Treasury for International Affairs, shares his expertise on the shifting landscape of world trade. He highlights China's persistent trade surplus, driven by state-led investment and overcapacity. Shambaugh discusses the global implications of the 'second China shock', the need for economic restructuring in China, and the challenges of unilateral U.S. policies. He also emphasizes the importance of targeted tariffs and the impact of immigration on the labor market, providing valuable insights into the current economic climate.