Wilbur Ross Says Tariff Reciprocity Has a Logic to It

The transcript discusses the concept of a reciprocal tax, highlighting its potential benefits and challenges. It examines the imbalance in tariffs among countries and the constraints imposed by WTO rules. The discussion also covers the obsolescence of NAFTA, emphasizing the need for updates to reflect modern trade realities, including digital and financial services. The potential for revising or replacing NAFTA is considered, with references to the Trans-Pacific Partnership as a starting point for future agreements.

What does the text suggest about the possibility of changing trade agreements that have been negotiated over many years?

What are some of the limitations of NAFTA as mentioned in the text?