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24 minutes | a day ago
144. Trade policy transitions, with Ambassador Susan Schwab
From tariff leverage to trade deals, a former US Trade Representative explains how the baton is handed from one American administration to the next. In a conversation ranging from hormone-treated beef to Canadian lumber to TPP, former George W. Bush administration official Susan Schwab describes handover implications on trade for the teams, ongoing negotiations, and dispute settlement (24:00).
31 minutes | 7 days ago
143. RCEP – Separating fact from friction
China, Japan, South Korea and 12 other Asian economies finally sign a mega-trade deal that is eight years in the making. Deborah Elms (Asian Trade Centre) helps work through some of the details as to what is in the agreement. Arvind Subramanian (PIIE) explains why India is not joining (30:51). Read more… Soumaya Keynes. 2020. Who gains from RCEP, Asia’s new trade pact? The Economist, 19 November.
29 minutes | 14 days ago
142. Can Biden Make Trade Boring Again?
The incoming US administration inherits a big trade agenda. Who will lead it and how much of it will they do? Doug Palmer (Politico) joins to discuss potential priorities on the WTO, working with allies, China, enforcement, and negotiating new deals (28:53). Read more… Soumaya Keynes. 2020. How would Joe Biden change America’s trade policy The Economist, 17 September.Chad P. Bown. 2020. Trade-related Policy Priorities: A Memo for the Next Administration. PIIE Trade and Investment Policy Watch, 20 October.
24 minutes | a month ago
140. Is shipping ship-shape?
Containerized shipping is an odd business in normal times. What happens when you add a pandemic and a trade war? Eytan Buchman (Freightos) updates the status of the industry in 2020, and Woan Foong Wong (University of Oregon) explains why when some shipping costs go up, others automatically go down. Read more… Woan Foong Wong. 2020. The Round Trip Effect: Endogenous Transport Costs and International Trade. University of Oregon manuscript, August.Sharat Ganapati, Woan Foong Wong, and Oren Ziv. 2020. Entrepôt: Hubs, Scale, and Trade Costs. University of Oregon manuscript, March.Simon Wright. 2020. How covid-19 put wind in shipping companies’ sails. The Economist, 10 October.
20 minutes | 2 months ago
139. How Technology Enabled Trade: Digitization and Offshoring
At the turn of the century, electronic communication suddenly helped firms fragment production, but only some went overseas. Teresa Fort (Tuck School at Dartmouth College) joins to explain computer aided design software, outsourcing, offshoring, and the impact of technology on trade. Read more… Teresa Fort. 2017. Technology and Production Fragmentation: Domestic versus Foreign Sourcing. Review of Economic Studies
18 minutes | 2 months ago
138. Trade and the worst financial crisis of the century—in 1866
Chenzi Xu (Stanford University) joins to explain how London’s central role in 19th century trade finance meant that its bank failure – triggered by the collapse of Overend & Gurney in 1866 – had effects for decades. Read more… Chenzi Xu. 2020. Reshaping Global Trade: The Immediate and Long-Run Effects of Bank Failures. Stanford University Graduate School of Business, manuscript, May 12.
33 minutes | 3 months ago
137. Imbalances, Inequality, and Trade
China, the United States and Germany each suffer from inequality as well as sizable trade imbalances. To describe how these phenomena are linked, Matt Klein (Barron’s) joins to talk about his new book ‘Trade Wars are Class Wars’ (Yale University Press). Jay Shambaugh (George Washington University, Obama administration Council of Economic Advisers) then explains the international negotiations used to tackle these problems as well as the challenges policymakers face when they attempt to do so. Read more… Matthew C. Klein and Michael Pettis. 2020. Trade Wars are Class Wars. How Rising Inequality Distorts the Global Economy and Threatens International Peace. Yale University Press.
24 minutes | 3 months ago
136. Vaccine economics, and why we need trade to end the pandemic
Ngozi Okonjo-Iweala (GAVI) joins to explain one way to solve the complicated economic problem of how to manufacture and globally distribute a coronavirus vaccine. GAVI, CEPI and the WHO have developed the COVAX facility to pool supply and demand, reduce risk, and allow for an equitable distribution of vaccines. But to work, it will rely on trade. Will enough of the world’s vaccine manufacturing countries sign up, or will they refuse and hoard vaccines for themselves?
29 minutes | 4 months ago
135. All you need to know about the race to lead the WTO
What people want from the next leader of the World Trade Organization. David Tinline details the job responsibilities of the WTO Director General, Bernard Hoekman (European University Institute) interprets results from a recent survey of what stakeholders want from the next DG, and former candidate Anabel González (Peterson Institute) describes what the campaign trail is really like. Read more… Matteo Fiorini, Bernard Hoekman, Petros Mavroidis, Douglas Nelson, and Robert Wolfe. 2020. Selecting the next WTO Director-General: What the trade community thinks. VoxEU.org, 8 July.Matteo Fiorini, Bernard Hoekman, Petros Mavroidis, Douglas Nelson, and Robert Wolfe. 2020. WTO negotiation and institutional reform priorities: Stakeholder perspectives. VoxEU.org, 9 July.David Tinline and Tatiana Lacerda Prazeres. 2020. 5 reasons why the role of WTO Director-General matters. The World Economic Forum COVID Action Platform, 5 June.
39 minutes | 4 months ago
134. Opportunities and setbacks for Black workers in the 20th century
Economic gains for America’s Black workers stalled in the 1970s. Why things had improved during the Great Migration, why that stopped, and what international trade had to do with it. Ellora Derenoncourt (UC Berkeley), Mary Kate Batistich (Notre Dame) and Timothy Bond (Purdue University) join to explain. Read more… Ellora Derenoncourt. 2019. Can you move to opportunity? Evidence from the Great Migration. Manuscript, December.Ellora Derenoncourt and Claire Montialoux. 2020. Minimum wages and racial inequality. Manuscript, June.Mary Kate Batistich and Timothy N. Bond. 2019. Stalled Racial Progress and Japanese Trade in the 1970s and 1980s. Manuscript, February.Bayer, Patrick and Kerwin Kofi Charles. 2018. Divergent Paths: Structural Change, Economic Rank, and the Evolution of Black-White Earnings Differences, 1940-2014. Quarterly Journal of Economics.
44 minutes | 5 months ago
133. How one man and some metal boxes revolutionized global trade
Malcom McLean spurred containerized shipping in the 1950s. The impact on people, ports, cities and, of course, trade, was massive. Historian Marc Levinson joins to tell the story from his book The Box (Princeton University Press). Read more… Marc Levinson. 2016. The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger. Princeton University Press (2nd edition).
28 minutes | 5 months ago
132. US-China Trade War: The Negotiators
How the people tapped by Presidents Trump and Xi to negotiate helped shape the US-China trade relationship over 2017-2020. Bob Davis and Lingling Wei (Wall Street Journal) join to discuss their new book – Superpower Showdown – and explain the impact that negotiators like Wilbur Ross, Steven Mnuchin, Robert Lighthizer, and Liu He had during the trade war. Read more… Bob Davis and Lingling Wei. 2020. Superpower Showdown: How the Battle Between Trump and Xi Threatens a New Cold War. Harper Collins.
28 minutes | 5 months ago
131. How travel matters for trade
For businesspeople in Nigeria, traveling to China and elsewhere to meet foreign suppliers is an important part of international trade. Meredith Startz (Stanford University) joins to discuss her research into why traders travel, and we hear from Abidoun Basir about how his business in Lagos is coping with the COVID-19 pandemic. Read more… Hakeem Bishi, Shelby Grossman, Meredith Startz. 2020. How COVID-19 has affected Lagos traders: Findings from high frequency phone surveys. Stanford University Policy Brief, June 8.Meredith Startz. 2018. The value of face-to-face: Search and contracting problems in Nigerian trade, Stanford University working paper, October.
33 minutes | 6 months ago
130. So you want to design a tariff schedule…
The UK has now released the ‘Global Tariffs’ it will begin to apply to thousands of imported products after the Brexit process is fully complete. James Kane (Institute for Government), Julia Magntorn Garrett (UK Trade Policy Observatory) and Janyce McGregor (CBC News, Canada) join to make sense of these applied MFN tariffs in light of British domestic political economy and the UK’s ongoing trade agreement negotiations with the European Union, Canada and other countries. Read more… Julia Magntorn Garrett and Michael Gasiorek. 2020. Reflections on the UK Global Tariff: good in principle, but perhaps not for relations with the EU, UK Trade Policy Observatory, 21 May.
26 minutes | 6 months ago
129. Operation Quack Hack: Are China’s medical supplies safe to trade?
Faulty Chinese medical gear emerges, as both the US and China adjust their product regulations in response to the pandemic. Dr. Susan Alpert (formerly of the Food of Drug Administration) explains how the FDA regulates products like respirators in normal times, and how regulations are changing – including enforcement through ‘Operation Quack Hack’ – in response to COVID-19 related shortages. Jie Bai (Harvard Kennedy School) shares insights from economic research, including analysis of the regulatory response to a 2008 product safety scandal involving melamine found in Chinese infant dairy formula. Read more… Jie Bai, Ludovica Gazze and Yukun Wang. 2019. Collective Reputation in Trade: Evidence from the Chinese Dairy Industry. NBER Working Paper No. 26283, September.
21 minutes | 7 months ago
128. Beautiful Trade in Ugly Times
Cosmetics trade involves logistical headaches. Dangerous goods traverse a lengthy process to get from conception through supply chains to store shelves. Audrey Ross (Orchard Customs Beauty) explains the complexities of international trade for nail polish, lipstick and other cosmetics, the customs and logistical challenges the industry faces in normal times, and how it is being impacted by COVID-19.
25 minutes | 8 months ago
126. COVID-19 and Trade: Stories from the Data
How companies are coping (or not) with the massive disruption in global trade flows due to COVID-19. Chris Rogers (Panjiva) joins to explain what he is seeing in the data as supply chains become unsettled and international commerce grinds to a halt. Read more… Soumaya Keynes. 2020. If you thought the trade war was bad for global commerce… The Economist, 26 March.Chad P. Bown. 2020. COVID-19: China’s exports of medical supplies provide a ray of hope. PIIE Trade and Investment Policy Watch, 26 March 2020.
28 minutes | 8 months ago
125. Coronavirus and Trade Restrictions
Countries try to beat COVID-19 by limiting exports of medical supplies and cutting tariffs. Germany, France, South Korea and many more countries limit the exports of masks and protective gear for health workers, while the Trump administration quietly announces the exclusion of some medical products from its tariffs on China. Nadia Rocha (The World Bank) joins to discuss historical evidence on the “multiplier effect” of one country’s export restriction leading to another, and another… Read more… Soumaya Keynes. 2020. New trade barriers could hamper the supply of masks and medicines. The Economist, 11 March. Chad P. Bown. 2020. EU limits on medical gear exports put poor countries and Europeans at risk. PIIE Trade and Investment Policy Watch, 19 March. Chad P. Bown. 2020. Trump’s trade policy is hampering the US fight against COVID-19. PIIE Trade and Investment Policy Watch, 13 March.Nadia Rocha, Paolo Giordani, Michele Ruta. 2016. Food prices and the multiplier effect of trade policy. Journal of International Economics.Nadia Rocha, Paolo Giordani, Michele Ruta. 2012. Export policy and food price escalation. VoxEU.org, 9 May.
21 minutes | 9 months ago
124. Is Trade Bad for Women?
Does globalization contribute to the gender wage gap? Beata Javorcik (Oxford University, EBRD) joins to explain one overlooked channel. She describes how job flexibility demands for companies that interact in foreign markets across multiple time zones penalize women. With evidence from Norway, they also discuss whether this is driven by perceptions in gender differences that might be overcome by policy change. Read more… Esther Ann Bøler, Beata Javorcik, Karen-Helene Ulltveit-Moe. 2018. “Working across Time Zones: Exporters and the Gender Wage Gap,” Journal of International Economics. Esther Ann Bøler, Beata Javorcik, Karen-Helene Ulltveit-Moe. 2015. ““Globalisation: A woman’s best friend? Not quite so.” VoxEU.org, 18 May. Chinhui Juhn, Gergely Ujhelyi and Carolina Villegas-Sanchez. 2013. “Trade Liberalization and Gender Inequality.” American Economic Review. Chinhui Juhn, Gergely Ujhelyi and Carolina Villegas-Sanchez. 2014. “Men, women and machines: How trade impacts gender inequality.” Journal of Development Economics.
27 minutes | 9 months ago
123. Coronavirus: From Quarantine to Trade
Simon Rabinovitch (The Economist) joins from China to explain the economic, trade, and supply chains of the coronavirus disease. They discuss the origins of the COVID-19 outbreak, the Chinese government’s response, as well as initial implications for the Chinese people and economy. They then turn to global repercussions as well as potential disruption to trading partners’ economic activity arising through supply chains and other hidden channels. Read more… • Simon Rabinovitch. 2020. As its covid-19 epidemic slows, China tries to get back to work. The Economist, 25 February. • Simon Rabinovitch. 2020. How China’s coronavirus epidemic could hurt the world economy. The Economist, 15 February. • World Health Organization. 2020. Coronavirus disease (COVID-19) outbreak.
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