Welcome back to 10 blocks. This is Seth Barron, associate editor of City Journal.

President Trump has shaken up the world stage, especially on the topic of trade.

Trump has alternated between advocating return to protectionism and tariffs and demanding

that all developed nations eliminate all barriers to trade. Stiling himself as the consummate dealmaker,

President Trump has certainly set our trading partners on their heels with his unusual negotiating tactics.

What is the real story on trade and what should we expect?

I'm joined now by Milton Esradi, a contributor to City Journal.

Milton is a nationally regarded economist who's had a successful career in the financial industry.

Retiring as the chief economist for investment manager Lord Abbott in 2015. He now serves as

chief economist for Vested. Milton is the author of 30 Tomorrow's, the next three decades of

globalization, demographics, and how we will live. He writes frequently for City Journal and has published in a wide variety of other publications

as well.

Thanks for joining us today, Milton.

It's a pleasure to be here.

Well, in two recent C.J. articles for City Journal, why China can't afford a trade war

and Trump's tariff gambit, you laid out the current landscape of trade from the American perspective.

And you made an interesting point about China.

You said that China is somewhat vulnerable.

How so?

I always think of China as being the like the gorilla that we can't escape.

Well, in some respects it is. It's a manufacturing powerhouse and the United States buys a lot from

China. I pointed to the vulnerability because China needs trade much more than the United

...