How the U.S.-China Trade War Hurts the Rest of the World

The Daily

The New York Times

News, Daily News

4.3 • 107.6K Ratings

🗓️ 27 August 2019

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

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Summary

At the Group of 7 summit in France, President Trump seemed determined to prove that he can wage a trade war with China without hurting the economy. But there are already signs of distress. Guest: Peter S. Goodman, an economics correspondent for The New York Times. For more information on today’s episode, visit nytimes.com/thedaily. Background coverage: President Trump can confront China or expand the economy, but he can’t do both at the same time, our economics correspondent writes in a news analysis.Mr. Trump shifted his tone on the trade war yet again on Monday, calling President Xi Jinping of China a “great leader” three days after branding him an “enemy.”

Transcript

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0:00.0	From the New York Times, I'm Michael Barrow.
0:02.4	This is daily.
0:04.0	[♪ INTRO MUSIC PLAYING [♪
0:08.6	Today, at the G7 summit in France,
0:13.5	President Trump seemed determined to prove
0:16.3	that he can wage a trade war with China
0:19.5	without hurting the economy.
0:22.8	Peter Goodman, on why that is proving to be an impossibility.
0:27.6	[♪ INTRO MUSIC PLAYING [♪
0:32.0	It's Tuesday, August 27th.
0:35.9	[♪ INTRO MUSIC PLAYING [♪
0:38.8	Peter, why has all the focus of the G7
0:41.6	in on the US and China trade war,
0:44.4	despite the fact that China isn't even in the G7?
0:49.3	Well, the seven countries in the G7,
0:51.6	France, the United States, Italy, Canada,
0:54.1	Germany, Japan, and the United Kingdom.
0:56.2	First of all, these are the seven major developed economies.
1:00.7	They view themselves as the sort of stewards
1:03.1	for the global economy.
1:04.5	So they see their responsibilities
1:06.7	as going beyond their own national interests.
	...

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