Martin Wolf talks to Richard Baldwin: What’s the future of global trade?

This podcast interviews Richard Baldwin, a professor of international economics, about the changing landscape of globalization and trade. The discussion covers three phases of global trade—goods, factories, and now offices—crossing borders, highlighting the impact of China's rise and the limitations of Trump's protectionist trade policies. Baldwin argues that tariffs are ineffective in the modern global supply chain, where services and digital trade are rapidly growing. A key takeaway is that the shift from manufacturing to service-based economies, accelerated by automation and AI, will significantly impact jobs and require a reevaluation of traditional trade policies. The interview concludes by emphasizing the need for a nuanced approach to global trade that accounts for these technological advancements.