133. Bigger barriers: Emily Blanchard on tariffs and trade wars

The Weekly Tradecast looks at tariffs with Emily Blanchard, a former Chief Economist at the U.S. State Department. Not long ago, we were deep in a cost-of-living crisis. Inflation has now eased a bit but geopolitics remain tense and the global economy is still struggling to recover. But rather than moving towards more open trade, many countries are becoming more protectionist. Adding to the unease, countries are threatening to slap huge tariffs on major trading partners. In the current climate, there are fears that escalating tariffs could lead to trade wars - a scenario with grim prospects for many developing countries. For more on the ins and outs of tariffs, tune in to Emily Blanchard from the Tuck School of Business at Dartmouth College.

The Weekly Tradecast looks at the global trade in food and why developing countries must move up the value chain to help drive the sustainability of what we eat with Jennifer Clapp, Canada Research Chair in Global Food Security and Sustainability. Crises, conflicts and climate change are all affecting how and where our food is grown, processed and shipped. At the same time, the global food system is dominated by a few huge companies that shape policies, trade and development. Listen in to Jennifer Clapp, Professor at the University of Waterloo, to see how the Global South can play a bigger role in supply chains and a sustainable food future.

The Weekly Tradecast looks at Africa’s economies and ways to boost trade, reduce risk and unlock the continent’s potential with Mona Farid Mohmed Badran from Cairo University and also UN Trade and Development’s (UNCTAD) chief of the Africa section, Habiba Barka. From economic turbulence to the impact of climate change, UN Trade and Development’s latest report on Africa says much of the continent struggles to get ahead due to repeated exposure to external shocks. Its economies are particularly vulnerable because they rely heavily on commodity exports, carry high levels of debt and have limited technology infrastructure. According to the new Economic Development in Africa report, key steps forward include wider diversification of economies, greater regional trade and more robust rules across the continent of 1.4 billion people. For more on the report and its recommendations, tune in to Mona Farid Mohmed Badran and Habiba Barka.

The Weekly Tradecast looks at the trends in South-South trade – along with some challenges on the horizon – with Giselle Datz, an expert in the global political economy at Virginia Tech. Throughout modern history, wealthy nations in the north have been consuming food, minerals and other goods from developing countries most often found in what’s called the Global South. But in recent years, the patterns of market power have been shifting within Asia, Latin America and Africa – with profound implications for the global economy and development. The latest UN Trade and Development report says that South-South trade has more than doubled since 2007. In 2023, that trade within the Global South was worth $5.6 trillion. But against this backdrop Donald Trump, the new US president, takes office with talk of tariffs and protectionism. For more on what lies ahead for the Global South and where the risks are, tune in to Giselle Datz, Associate Professor in the Government and International Affairs Program at Virginia Tech.

The Weekly Tradecast looks at how we can bridge inequality in the global economy and create a fairer system with economist, academic and author James Galbraith. In recent decades, the economic centre of gravity has been shifting with the growing presence of big developing countries on the world stage. But many gaps and inequalities persist – just as climate change, rapid changes in technology and major shifts in geopolitics are transforming the way we live and reshaping the future of the planet. With so much to deal with, what are the priorities so that developing countries can be resilient and prosperous? Tune in to James Galbraith from the University of Texas at Austin to find out how we can get on the right track to a more sustainable and inclusive future.

The Weekly Tradecast looks at tax with Lorraine Eden, professor emerita of management at the Mays Business School at Texas A&M University. Nobody likes to pay tax, but collecting more of it is one way that countries can bring in billions of extra dollars each year to support economic and social development. One big challenge is the way that giant corporations are able to move profits around the world to places where they pay the lowest taxes. To ensure that multinationals pay their fair share, around 140 countries are working on global reforms to the tax architecture – including an agreed minimum rate of tax on big companies. For a deeper look at these reforms and how they could help developing countries, tune in to professor and prolific author Lorraine Eden.

The Weekly Tradecast looks at how the green transition is transforming the global economy, national policies and almost every aspect of our lives with the International Trade Centre’s Vanessa Erogbogbo. As the impact of climate change gets worse, the focus is on finding solutions that make a difference. Much more needs to be done but steps to cut emissions and use more renewable energy are already opening new frontiers for technology, creating new opportunities for business and redrawing the map for the resources we use and the products we make. So how does that big picture connect and affect daily life in our work and in our communities? For more on the macro to micro aspects of the green transition, listen in to Vanessa Erogbogbo, chief of the ITC’s green and inclusive value chains section.

The Weekly Tradecast closes the year with a special episode highlighting key moments and voices in global development in 2024 and the paths we’re forging for a more inclusive and resilient future. It’s been a transformative year, marked by extraordinary challenges and opportunities. From rising economic uncertainties and shifting trade landscapes to the collaborative spirit of the Global Leaders Forum and the UN Summit of the Future, the need for innovative solutions has never been greater. Tune in to see how trade can drive sustainable development, transforming the world’s challenges into opportunities and shaping a better future for everyone. The Weekly Tradecast returns in early January with more insights on the world of trade and development. We wish you happy holidays and a new year filled with possibilities.

The Weekly Tradecast looks at trade, industrial policy and the role of the private sector in promoting the interests of developing countries with special guest John Denton, Secretary General of the International Chamber of Commerce (ICC). With a cascade of crises hitting the global economy, UN Trade and Development convened government leaders, top economists and other experts in Geneva earlier this year to chart a new course for development in a changing world. For a deeper look at the forum and how the private sector can support inclusive development, listen in to global business leader and advisor John Denton from the ICC.

This week, after the COP29 global climate summit, The Weekly Tradecast is looking at renewable energy and why trade, aid and investment policies need a rethink. Join Francesco La Camera, Director-General of the International Renewable Energy Agency, and Carlos Razo from the UN Global Crisis Response Group for insights on our urgent need to harness other kinds of energy as the global population grows, fossil fuels run out and our planet gets hotter. A new report by UN Trade and Development says trade in solar and wind technologies is booming but that the expansion must be faster, smoother, cheaper and more universal. Without investment and support from rich countries, developing nations may be sidelined. Tune in to Francesco La Camera and Carlos Razo for a deeper look at how to better support development and a greener future with renewable energy.