I'm John Batch. My colleague Terry Anderson of the Hoover Institution is the

editor of a new book, Adapt and Be Adept. This is market responses to climate change.

And one of the market responses is trade. Again, we're looking at the question of not, what if

there's climate change we're assuming

Pascal's wager we're going to assume there is climate change because we'll adapt

beforehand if there's not we haven't heard anything. We've made some adjustments and it was probably

all to the better that we were in charge. It empowered us. But I'm assuming there is climate change

and it's time to adapt. Trade is one way and one of the

pieces that Terry edits and publishes by Timothy Fitzgerald is about trade and

climate policy and there's a term of art here I'm learning this has to do with

border carbon adjustments what is that Terry well first off Tim is a long-time friend from a colleague and uh, he spent time in the

Trump administration in the, in the, with the Council of Economic Advisors and I think he he received a real

education in in whether economics or politics dominates and you can guess which which

does and and the notion of these these border

maneuvers to to try and account for climate change is that we will we will correct

the price that we pay for goods by forcing other countries to put taxes on their products to change the price to reflect,

again, the carbon they use. That's how the theory goes. But in fact, what happens is people who want trade barriers use this disguise or the,

they put the, they put the, the, they put the wolf in sheep's clothing, sheep's clothing in this being climate change.

And they disguise them the real goal of many of these policies which is to impose

tariffs or obtain subsidies that are beneficial to the people who want

them want those subsidies and tariffs and they're the ones in Washington, again,

there at the table.

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