It's maybe understatement of the century to say that global trade is facing the greatest disruption
in 80 years. Of course, it's functioning not in the way it used to function before, but
we also must know that U.S. is 13% of total world imports, so 87% of that trade is going on outside
the U.S. The good news is that we avoided what happened in the 1930s. We've been there before
where there were tit-for-tat tariffs, protectionism that led to the Great Depression
and then, you know, the Second World War came and it was catastrophic and this system was built
What we see now is the fact that we've talked with our members
to avoid tit-for-tat. They've not done that. I'm very proud of them
They've won 66 members of the WTO. Second, they're all still trading with themselves
mostly on WTO rules