Michael Pettis: Most People, Including Trump, Don’t Understand How Global Trade Works

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When it comes to global trade, most people—including President Trump—don’t understand how it operates, says Michael Pettis, author of The Great Rebalancing. In today’s podcast, Michael explains why many of the fears surrounding trade imbalances are based on assumptions that no longer apply and discusses how this relates specifically to the trade relationship between US and Mexico. Michael also explains why the US has a very large trade imbalance with the rest of the world and why capital flows are no so important in today’s world.

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