Winners and Losers on Trade

The video discusses the impacts of international trade, highlighting that while trade increases the economic pie, not everyone benefits equally. It examines the role of policymakers in addressing the negative effects of globalization, such as job losses in certain industries. The discussion also covers the shift in US political views on trade, the decline of American manufacturing, and the future impact of automation. Finally, it analyzes the trade-offs for the UK in negotiating trade deals post-Brexit, emphasizing the challenges of maintaining EU market access while pursuing US trade agreements.

What is a key conclusion about international trade discussed in the video?

• Trade benefits all industries equally.

• Trade increases the economic pie but not everyone benefits equally.

• Trade has no impact on consumers.

• Trade decreases the economic pie.

What is one of the major trade policy shocks mentioned in the video?

• The rise of India in the world economy.

• The fall of the US dollar.

• The decline of the EU market.

• The rise of China in the world economy.

What is suggested as a policy response to help workers affected by trade shocks?

• Increase tariffs on imports.

• Offer trade adjustment assistance.

• Reduce taxes for all industries.

• Ban international trade.

What is a future trend that might impact the American economy more than trade shocks?

• Decrease in global population.

• Increase in global tourism.

• Growth of the agricultural sector.

• Rise in automation and AI.

What challenge is highlighted regarding the UK's potential trade deal with the US?

• Aligning with the EU's regulatory regime.

• Aligning with the US's regulatory regime.

• Negotiating low tariffs with China.

• Increasing trade with Australia.