Amit Khandelwal, a Yale economics expert, Isabela Manelici from the London School of Economics, and Arvind Subramanian, former chief economic advisor to India, dive into the challenges facing emerging economies in global trade. They discuss how protectionism affects trade dynamics and the need for smart strategies. The role of multinationals is examined, highlighting their dual impact on local economies. The conversation also covers industrial policy's effectiveness and the varied responses of nations like India and Vietnam to changing global dynamics and climate challenges.