WEBVTT

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It's maybe understatement of the century to say
that global trade is facing the greatest disruption

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in 80 years. Of course, it's functioning not
in the way it used to function before, but

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we also must know that U.S. is 13% of total world
imports, so 87% of that trade is going on outside

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the U.S. The good news is that we avoided what
happened in the 1930s. We've been there before

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where there were tit-for-tat tariffs,
protectionism that led to the Great Depression

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and then, you know, the Second World War came
and it was catastrophic and this system was built

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What we see now is the fact that
we've talked with our members

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to avoid tit-for-tat. They've not
done that. I'm very proud of them

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They've won 66 members of the WTO. Second,
they're all still trading with themselves

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mostly on WTO rules