Bob Koopman - Trade Shocks and Supply Chains: What is Happening to the WTO and Globalization?

The Institute for International Economic Policy hosted a webinar in our Rebooting Trade series on Tuesday, February 22nd. This webinar featured the Chief Economist of the WTO Bob Koopman discussing "Trade Shocks and Supply Chains: What is Happening to the WTO and Globalization?" Professor Michael Moore moderated and IIEP Director Jay Shambaugh provided welcoming remarks.

Since 2016 international trade has been subjected to increased geo-political uncertainty and more recently a major global health shock. How has the WTO and globalization responded? The initial Trump administration policy shocks resulted in mainly higher prices and trade diversion. The COVID-19 pandemic resulted in a number of restrictive trade policies mainly due to health policy restrictions, but also substantial fiscal and monetary policy responses in the advanced economies. The combination of economic and health policies brought about a dramatic compositional shift in demand from in-person services to tradeable goods stressing global and national supply chains. How has the global trading system responded? What role, if any, will globalization play in the future on the Phillips curve and inflation? These are important questions for the global trading system given the prospect of continued global health challenges and rising climate challenges.

This event was co-sponsored by the Washington International Trade Association (WITA) and was in partnership with the GW Department of Economics Trade and Development Workshop organized by Yingyan Zhao and Remi Jedwab.