We are part of a global economy. We're not reversing that. It can't be reversed.

But the idea of free and fair trade is losing ground as competition between the world's economic powers grows.

Tariffs and Twitter feeds the ammunition in the latest escalation of a bitter trade dispute between the US and China.

Trade is a concept that is good.

We all support trade, but we have got to move away from unfetted free trade

we have to avoid the worst case scenario no, but more cooperation, no trade war, but just a fair competition.

No new war, but engagement of all countries.

We live in a world shaped by free trade. The food we eat and the goods we buy come from all over the globe and the products we make are sold everywhere too.

For several decades, world leaders more or less agreed that free and open trade brings us closer and makes all of us safer and richer.

But now, as the costs of trade become more clear, that

consensus seems to be changing. And the United States, usually considered a standard

bearer of free trade, is at a major turning point.

At the center of the debate is a wonky term. Industrial policy.

In short, the US is spending billions of dollars to subsidize industries critical to national security

and the fight against climate change, all while attempting to bring jobs that had moved

overseas back home.

At the same time, other countries are pursuing industrial policies of their own.

The choices that are made now could affect everything, even how peaceful or conflict-driven our world becomes.

My name is Gabriel Sierra, and this is why it matters.

Today, let's get to the bottom of the current state of global trade, and whether or not industrial policy will define

our future. We all trade every single day, probably almost every hour of every single day, and we have to.

This is Jennifer Hillman. She's a senior fellow at the Council, a professor at Georgetown Law School, and co-director of

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