Lighthizer Says Feels ‘Very Good’ About Phase One China Trade Deal

The video discusses recent US-China trade activities, highlighting China's purchase of US soybeans and the contrasting reports of a pause in buying US farm goods due to tensions over Hong Kong. It also covers the impact of the pandemic on global trade, emphasizing the need for the US to secure its supply chains, especially in the medical sector. The video concludes with a discussion on the necessity for the US to develop an industrial policy to ensure self-sufficiency in future crises.

What recent action did China take regarding U.S. agricultural products?

• Increased tariffs on U.S. goods

• Stopped all imports from the U.S.

• Banned U.S. pork imports

• Increased purchases of U.S. soybeans

What was the reason behind China's pause in purchasing certain U.S. farm goods?

• Tensions over Hong Kong

• A new environmental policy

• A trade agreement with Europe

• A surplus of domestic production

According to Light Hyzer, how might the pandemic affect global trade relationships?

• It will have no impact

• It will strengthen ties with Europe

• It will change trading dynamics with countries like India

• It will lead to a decrease in global trade

What is the U.S. aiming to achieve in terms of supply chains, according to the final section?

• Increased outsourcing

• Focus on technology imports

• Self-sufficiency in manufacturing

• Complete reliance on imports

What policy measures are suggested to ensure the U.S. does not face similar supply chain issues in the future?

• Subsidies or tariffs

• Reducing domestic production

• Increased imports

• Eliminating trade agreements