Wilbur Ross Offers Solutions for U.S. Free Trade

The video discusses global trade issues, focusing on the Brexit vote and US trade strategies. It proposes reforms for trade agreements, such as setting clear expectations, implementing automatic lookback mechanisms, and ensuring simultaneous concessions. The video critiques existing agreements like NAFTA, highlighting job losses and trade deficits with countries like Mexico and South Korea. It emphasizes the importance of understanding trade deficits, noting that net exports matter more than gross exports.

What mechanism is suggested to ensure fairness in trade agreements after a certain period?

• A third-party arbitration

• A manual adjustment process

• An automatic lookback mechanism

• A yearly review process

Why is it important for concessions in trade agreements to be made simultaneously?

• To speed up the negotiation process

• To ensure both parties benefit equally

• To comply with international law

• To reduce paperwork

What is a major criticism of the WTO's dispute mechanisms?

• They are too lenient

• They favor developed countries

• They lack automaticity and are bureaucratic

• They are too expensive

What was the trade balance with Mexico before NAFTA?

• A $30 billion deficit

• About even

• A $60 billion surplus

• A $60 billion deficit

What is the significance of net exports in trade discussions?

• They represent the total value of goods traded

• They highlight the number of jobs created

• They indicate the balance between exports and imports

• They show the gross exports of a country