Business Daily Business Daily meets: Pascal Lamy
Jan 17, 2025
Pascal Lamy, the former Director-General of the WTO and European commissioner for trade, offers keen insights into global trade dynamics. He discusses the potential impact of a second Trump presidency on international trade and the shifting relationships between the US, China, and the EU. Lamy reflects on China's economic rise and its challenges to global trade, particularly in sectors like electric vehicles. His expert perspective sheds light on the intertwined nature of trade and economic policy in today's world.
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Changing Global Trade
- The world trade situation is different now than 10-30 years ago.
- Globalization isn't declining, but new geopolitical trade obstacles exist.
China's WTO Entry
- China paid a high price to enter the WTO, opening its economy significantly.
- However, WTO rules on subsidization were weak at the time.
Underestimated Growth & Weak Subsidization Rules
- China's rapid economic growth was underestimated, and WTO subsidization rules were weak.
- Key players like the US, EU, and Japan didn't strengthen rules to avoid impacting their own subsidies.