Odd Lots US Trade Rep Katherine Tai Describes the New Era of Globalization
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Sep 9, 2024 In this conversation, Katherine Tai, the United States Trade Representative, shares insights on redefining globalization with a focus on worker-centric policies. She discusses the shift in U.S.-China trade dynamics, emphasizing the bipartisan call for change and the impact of tariffs. Tai also highlights the importance of domestic investments and how to address socioeconomic gaps through international trade. Additionally, she reflects on the historical context of trade agreements like NAFTA and advocates for evolving strategies to foster equitable global economic relations.
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Rethinking Trade
- The US is rethinking its trade approach, prioritizing economic security for the nation and its workers.
- This shift acknowledges that past policies, while growing GDP, increased inequality and deindustrialization.
Worker-Centric Trade
- USTR now pursues a "worker-centric" trade policy.
- It emphasizes the impact on people's lives, jobs, and industries, rather than just GDP growth.
China's Unmet Expectations
- China's economic rise since joining the WTO hasn't led to expected reforms, but rather increased repression.
- This, coupled with China's non-market policies, has fueled bipartisan consensus on the need for a trade rethink.