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Robert Reich - Why Biden's departure from free trade is a good thing

Graham Watson

30th August 2023

Normally, economists are in favour of free trade arguing that it brings with it more benefits than costs. That's not the view of Robert Reich who seems to argue here that this ignores the distributional effects of trade which have seen companies and their shareholders benefit and US workers lose out - with fewer jobs and lower wages. Indeed, he argues that the former should have compensated that latter.

The BBC news clip looks at the ongoing trade dispute between the US and China, with a number of prominent US political figures having recently visited the country, in the hope of resolving ongoing issues, notably protectionist measures and the subsequent retaliation.

This comes against a background of the Chinese economy slowing.

Graham Watson

Graham Watson has taught Economics for over twenty years. He contributes to tutor2u, reads voraciously and is interested in all aspects of Teaching and Learning.

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