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Foreign Policy Live

Ngozi Okonjo-Iweala on the White House’s New China Tariffs

May 17, 2024
World Trade Organization Director-General Ngozi Okonjo-Iweala discusses the impact of de-globalization on international trade, challenges faced by the WTO, Biden Administration's tariff expansion on Chinese products, evolving trade perceptions, escalating protectionist measures between US and China, challenges for smaller countries, and future podcast guests and content.
36:36

Podcast summary created with Snipd AI

Quick takeaways

  • De-globalization is driven by events like financial crises and pandemics, prompting countries to prioritize domestic economies and supply chain security.
  • Efforts are underway to reform the WTO dispute settlement system to address criticisms of delays and inefficiencies, aiming to enhance responsiveness and improve dispute resolution mechanisms.

Deep dives

The Impact of De-globalization on Trade Relationships

The shift towards de-globalization is driven by events like the 2008 financial crisis and the pandemic, leading countries to prioritize securing their domestic economies and supply chains. Terms like near-shoring and de-risking reflect a suspicion of trade as countries seek to protect themselves. While some level of protective measures is necessary to avoid dependence on a single source, a broader reevaluation of globalization's benefits and drawbacks is underway.

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