June 19, 2018 | By

Wait Just a Minute: Senior Fellow Phil Levy on Trade

Our new web series, Wait Just a Minute, asks experts to answer complex questions about global affairs in 60 seconds. In this episode, former White House economic adviser under George W. Bush and the Council’s former senior global economy fellow, answers questions in just 60 seconds about China’s trade practices, who wins in a trade war, and the likelihood of NAFTA surviving.

Wait Just a Minute: Senior Fellow Phil Levy on Trade

 

Explain free trade vs. fair trade.

Free trade is you've lowered trade barriers. Fair trade is you didn't like the outcome, and so you want to have somewhere to complain about it without sounding like a protectionist.

Does China play fair on trade?

China does a reasonable job of following the rules that are out there, but those aren't all the rules we'd like. So no, I think on the whole, they do not.

Is is possible to win a trade war?

No, it's not possible to win a trade war. It's the kind of thing where each side is going to end up doing damage to themselves and the other side.

Will NAFTA survive?

It's got a pretty good shot, I think. It hasn't died yet, despite the president's express desire to kill it. So I think there's hope. It ought to survive.

You down with TPP?

I think TPP would have been a great thing for the United States. I think it's hurting us that we're not involved in it. We're looking for leverage points against China. This would have been a great one.

What's your favorite acronym?

It's SPS, was sanitary and phytosanitary regulation. This is what really separates the trade geeks from everyone else.

About

The Chicago Council on Global Affairs is an independent, nonpartisan organization that provides insight – and influences the public discourse – on critical global issues. We convene leading global voices and conduct independent research to bring clarity and offer solutions to challenges and opportunities across the globe. The Council is committed to engaging the public and raising global awareness of issues that transcend borders and transform how people, business, and governments engage the world.

The Chicago Council on Global Affairs is an independent, nonpartisan organization. All statements of fact and expressions of opinion in blog posts are the sole responsibility of the individual author(s) and do not necessarily reflect the views of the Council.

Archive




| By J. Thomas Chapin

J. Thomas Chapin: Batteries as the Base of the City

"It seems as if batteries, more specifically lithium-ion rechargeable batteries, are everywhere," J. Thomas Chapin, vice president of research at UL, explained at the 2019 Pritzker Forum on Global Cities in Chicago



Wait Just a Minute: Jess Fanzo

Jess Fanzo, professor of food policy and ethics and editor-in-chief of Global Food Security Journal, takes a minute to answer questions on why obesity is rising across the globe and what can be done about it.


| By Ian Klaus

Mind the Knowledge Gaps: What Global Conferences Bring to Light

Despite the vast amount of research and data available, it shouldn’t be surprising that large gaps in urban knowledge persist. After all, there are many cities—according to the IPCC and UN data, there are around 1000 urban agglomerations with populations of 500,000 or greater—and cities remain difficult to know.





Wait Just a Minute: Klaus Schwab

Klaus Schwab, founder and executive chairman of the World Economic Forum (WEF), takes a minute to answer questions about the fourth industrial revolution and what it means for globalization and equality. 




| By Amy Webb

Wait Just a Minute: Amy Webb

Futurist Amy Webb, founder of the Future Today Institute and NYU professor, takes a minute to answer questions about artificial intelligence and whether its advancement is in the long-term interest of humanity.


| By Brian Hanson, Penny Abeywardena, Henri-Paul Normandin

Deep Dish: City Diplomacy on the Rise

As cities grow in size and power, and as technology and globalization further lower the cost of connecting across distances, local governments are increasingly shaping their own diplomatic agendas independent from national governments.