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Welcome to our event today on 

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Welcome to our event today on 
the future of the EU US trade 

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the future of the EU US trade 
relation after the US election, 

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relation after the US election, 
My name is and I’m the director 

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My name is and I’m the director 
of Google and I’m extremely 

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of Google and I’m extremely 
pleased and honored to host 

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pleased and honored to host 
today. Cecilia Cecilia Mastro, 

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today. Cecilia Cecilia Mastro, 
of course, has been a 

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of course, has been a 
commissioner for trade for the 

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commissioner for trade for the 
European Commission uh and is 

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European Commission uh and is 
currently a professor at School 

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currently a professor at School 
of Economics and I’m also 

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of Economics and I’m also 
extremely pleased and honored 

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extremely pleased and honored 
to host um Adam Po Po is the 

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to host um Adam Po Po is the 
President of the Peterson 

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President of the Peterson 
Institute for International 

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Institute for International 
Economics uh based in 

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Economics uh based in 
Washington. To see and so in uh 

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Washington. To see and so in uh 
if I can say so in the heart of 

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if I can say so in the heart of 
the hurricane um in Washington 

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the hurricane um in Washington 
um and he will um tell us uh 

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um and he will um tell us uh 
how things are um in the US and 

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how things are um in the US and 
uh what is his view on the 

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uh what is his view on the 
trade relation of course, this 

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trade relation of course, this 
topic um is um is uh is an old 

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topic um is um is uh is an old 
topic, but it’s a very 

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topic, but it’s a very 
important topic. Um I would say 

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important topic. Um I would say 
um the starting point certainly 

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um the starting point certainly 
has to be um uh trunks I would 

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has to be um uh trunks I would 
call it. Fayette. Policy uh 

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call it. Fayette. Policy uh 
President Trump uh came into 

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President Trump uh came into 
office with a number of 

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office with a number of 
promises of what he wanted to 

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promises of what he wanted to 
achieve uh his presidency um in 

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achieve uh his presidency um in 
in the trade um and um the 

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in the trade um and um the 
goals he he wanted to such as 

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goals he he wanted to such as 
reducing the trade deficit. um 

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reducing the trade deficit. um 
uh he did not achieve with his 

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uh he did not achieve with his 
approach of managed uh trade um 

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approach of managed uh trade um 
manage financial trade. but in 

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manage financial trade. but in 
the meantime he has done a lot 

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the meantime he has done a lot 
of damage to the global trading 

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of damage to the global trading 
system, but also to the 

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system, but also to the 
bilateral trade relationship 

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bilateral trade relationship 
between the United States um. 

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between the United States um. 
And Europe, and so I think when 

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And Europe, and so I think when 
talking about um this future 

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talking about um this future 
trade relationship post 

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trade relationship post 
election and we don’t know what 

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election and we don’t know what 
the outcome of that election 

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the outcome of that election 
will be um, I think a number of 

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will be um, I think a number of 
dimensions uh certainly deserve 

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dimensions uh certainly deserve 
a lot of reflection and we will 

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a lot of reflection and we will 
find time today uh to talk 

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find time today uh to talk 
about these various dimensions, 

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about these various dimensions, 
but let me just mention those 

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but let me just mention those 
three dimensions um uh very 

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three dimensions um uh very 
quickly. I think the first is 

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quickly. I think the first is 
of course the more bilateral 

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of course the more bilateral 
relation between the EU and the 

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relation between the EU and the 
US uh so there’s the question 

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US uh so there’s the question 
of. Terrorists There’s the 

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of. Terrorists There’s the 
question of um of course, boy a 

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question of um of course, boy a 
um there’s the question of the 

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um there’s the question of the 
um threats that is still a sort 

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um threats that is still a sort 
of in the air to impose tariffs 

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of in the air to impose tariffs 
on um uh European automobiles 

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on um uh European automobiles 
driving on the streets of New 

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driving on the streets of New 
York. uh so that’s that’s one 

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York. uh so that’s that’s one 
dimension the bilateral 

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dimension the bilateral 
dimension The second dimension 

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dimension The second dimension 
is of course the US China 

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is of course the US China 
relation um uh and here again I 

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relation um uh and here again I 
wanna focus on the trade 

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wanna focus on the trade 
relation. I mean the relation 

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relation. I mean the relation 
is. Many dimensions, but the 

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is. Many dimensions, but the 
trade revelation um uh uh is an 

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trade revelation um uh uh is an 
one. It has implications for 

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one. It has implications for 
the European Union um and I 

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the European Union um and I 
think most presidents will take 

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think most presidents will take 
uh a specific both presidents 

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uh a specific both presidents 
will take uh an approach to 

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will take uh an approach to 
China that will have 

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China that will have 
implications for um European 

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implications for um European 
trade policy and the US um 

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trade policy and the US um 
trade relations and last, but 

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trade relations and last, but 
not the least of course there’s 

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not the least of course there’s 
the mighty National electoral 

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the mighty National electoral 
organizations uh such as the. 

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organizations uh such as the. 
Wt The World Trade 

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Wt The World Trade 
organization, which um I 

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organization, which um I 
believe uh will um receive new 

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believe uh will um receive new 
um guidance and new political 

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um guidance and new political 
uh headwinds or support 

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uh headwinds or support 
depending on who becomes the 

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depending on who becomes the 
next next US president. So 

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next next US president. So 
these are just a few dimensions 

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these are just a few dimensions 
in the trade um that I think we 

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in the trade um that I think we 
want to discuss of course the 

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want to discuss of course the 
implications um of the US um 

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implications um of the US um 
election go well beyond uh 

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election go well beyond uh 
trade issues. I think II would 

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trade issues. I think II would 
go as far as saying, um that 

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go as far as saying, um that 
the future perhaps of the 

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the future perhaps of the 
western world um as we call it 

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western world um as we call it 
is is at stake. Um we can’t 

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is is at stake. Um we can’t 
discuss all of of those 

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discuss all of of those 
dimensions so wanna focus 

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dimensions so wanna focus 
primarily on the trade issues 

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primarily on the trade issues 
uh but of of course, with two 

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uh but of of course, with two 
such distinguished um scholars 

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such distinguished um scholars 
and practitioners. Uh we really 

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and practitioners. Uh we really 
also um want to hear from them 

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also um want to hear from them 
their broader view, but perhaps 

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their broader view, but perhaps 
with the main focus really on 

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with the main focus really on 
the trade issues, I think 

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the trade issues, I think 
that’s enough. My site um as an 

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that’s enough. My site um as an 
introduction to kick off and 

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introduction to kick off and 
you know, I wanna give first 

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you know, I wanna give first 
the floor to add and then to 

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the floor to add and then to 
Cecilia, then I will moderate 

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Cecilia, then I will moderate 
the discussion um but please uh 

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the discussion um but please uh 
to the audience. Let me remind 

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to the audience. Let me remind 
you that um we will have time 

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you that um we will have time 
to answer some of your 

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to answer some of your 
questions uh towards the end 

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questions uh towards the end 
for that. um you have to go on 

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for that. um you have to go on 
uh slide um slide and type in 

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uh slide um slide and type in 
the code of the event um and 

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the code of the event um and 
ask your questions um and you 

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ask your questions um and you 
know I will then pick some of 

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know I will then pick some of 
those questions and bring them 

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those questions and bring them 
to all this. Uh speakers today. 

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to all this. Uh speakers today. 
Thank you so much again for 

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Thank you so much again for 
joining and let me go for the 

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joining and let me go for the 
floor to Adam. Please thank you 

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floor to Adam. Please thank you 
very much it is the uh not 

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very much it is the uh not 
happy topic. It is a pleasure 

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happy topic. It is a pleasure 
for me to be back with you and 

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for me to be back with you and 
Cecilia and to be back with 

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Cecilia and to be back with 
Bra’s audience as I mentioned 

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Bra’s audience as I mentioned 
on Twitter uh three and a half 

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on Twitter uh three and a half 
plus years ago in January 2017, 

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plus years ago in January 2017, 
we did another joint event 

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we did another joint event 
about the trade policies of 

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about the trade policies of 
what the Trump administration 

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what the Trump administration 
would be, and of course, 

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would be, and of course, 
Cecilia spent a couple of years 

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Cecilia spent a couple of years 
negotiating with them and 

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negotiating with them and 
things unfortunately turned out 

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things unfortunately turned out 
just as badly as we forecast 

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just as badly as we forecast 
both in terms of what they did. 

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both in terms of what they did. 
As you rightly say and 

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As you rightly say and 
colleagues of mine, Peterson 

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colleagues of mine, Peterson 
like Chad Brown have documented 

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like Chad Brown have documented 
it has been a failed policy. 

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it has been a failed policy. 
Okay fine. Uh so where do we go 

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Okay fine. Uh so where do we go 
from here? Um I think we are 

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from here? Um I think we are 
all counting on the fact that 

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all counting on the fact that 
President Trump is unlikely to 

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President Trump is unlikely to 
be reelected but the 

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be reelected but the 
possibility remains real um so 

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possibility remains real um so 
but I’m gonna focus my remarks 

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but I’m gonna focus my remarks 
on essentially comparison 

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on essentially comparison 
between Biden and Trump and 

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between Biden and Trump and 
then come back to the very end. 

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then come back to the very end. 
What happens if we get more 

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What happens if we get more 
Trump. Um in terms of Biden, 

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Trump. Um in terms of Biden, 
Trump and the dimensions you 

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Trump and the dimensions you 
were speaking about there are 

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were speaking about there are 
some points that are gonna be 

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some points that are gonna be 
very positive, very quickly. I 

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very positive, very quickly. I 
think that a number of the 

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think that a number of the 
bilateral tax on the EU and 

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bilateral tax on the EU and 
particularly the so-called 

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particularly the so-called 
national security tariffs and 

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national security tariffs and 
some of these other unsupported 

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some of these other unsupported 
tariffs will be rescinded 

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tariffs will be rescinded 
almost immediately um I think 

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almost immediately um I think 
there are others like the air 

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there are others like the air 
bus Boeing dispute where the 

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bus Boeing dispute where the 
dispute is not gonna go away, 

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dispute is not gonna go away, 
but there would be a reasonable 

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but there would be a reasonable 
response of saying we both 

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response of saying we both 
stand down. I think that is 

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stand down. I think that is 
very likely. So I think a lot 

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very likely. So I think a lot 
of those sort of very overt 

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of those sort of very overt 
short-term tensions can be 

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short-term tensions can be 
quickly diffused um bye I think 

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quickly diffused um bye I think 
as well, Biden going to your 

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as well, Biden going to your 
second point is very committed 

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second point is very committed 
to just as a foreign policy 

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to just as a foreign policy 
matters and effectiveness 

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matters and effectiveness 
matter as much as principle to 

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matter as much as principle to 
having allies EU Japan, 

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having allies EU Japan, 
Australia and others align with 

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Australia and others align with 
the US on trade issues with 

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the US on trade issues with 
China, particularly issues of 

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China, particularly issues of 
subsidies code and dispute 

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subsidies code and dispute 
settlement. And these are very 

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settlement. And these are very 
practical high-stakes issues 

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practical high-stakes issues 
things Sicilian had against 

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things Sicilian had against 
with the Trump before and we 

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with the Trump before and we 
know that the working level 

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know that the working level 
senior working level 

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senior working level 
particularly EU Japan US 

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particularly EU Japan US 
representatives have a proposal 

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representatives have a proposal 
essentially ready to go on 

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essentially ready to go on 
trying to do a WT or at least 

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trying to do a WT or at least 
the polar lateral approach on 

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the polar lateral approach on 
industrial subsidies in China, 

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industrial subsidies in China, 
so that could be effective and 

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so that could be effective and 
at least would be better than 

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at least would be better than 
what we currently have so on. 

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what we currently have so on. 
Census We’re gonna move very 

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Census We’re gonna move very 
quickly in a positive 

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quickly in a positive 
direction, but I do think we 

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direction, but I do think we 
need to be realistic about what 

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need to be realistic about what 
Biden will do both what you 

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Biden will do both what you 
want to do and what he will be 

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want to do and what he will be 
constrained to do. the first 

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constrained to do. the first 
point is this will be not a 

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point is this will be not a 
left-wing administration by 

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left-wing administration by 
European standards of Biden 

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European standards of Biden 
wins, but it will be much more 

226
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wins, but it will be much more 
left than any American 

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left than any American 
administration has been for 

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administration has been for 
decades and as a result, the 

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decades and as a result, the 
unions, which are generally 

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unions, which are generally 
very weak in the US and are 

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very weak in the US and are 
generally the most anti trade 

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generally the most anti trade 
major interest group will have 

233
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major interest group will have 
more control. Now, if there’s a 

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more control. Now, if there’s a 
Democrat majority in the 

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Democrat majority in the 
Senate, the upper House of 

236
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Senate, the upper House of 
Congress, they may get a real 

237
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Congress, they may get a real 
victory about about wage about 

238
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victory about about wage about 
what’s called card check, which 

239
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what’s called card check, which 
is a way of letting union 

240
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is a way of letting union 
workers have more 

241
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workers have more 
representation, but they are 

242
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representation, but they are 
still unlikely to be too 

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still unlikely to be too 
positive on trade That said 

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positive on trade That said 
they did agree to Nafta revised 

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they did agree to Nafta revised 
uh which I call Nafta 0.8 

246
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uh which I call Nafta 0.8 
because it actually is a step 

247
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because it actually is a step 
backward but the positive side 

248
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backward but the positive side 
was there was an agreement on 

249
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was there was an agreement on 
in enforcement of labor. 

250
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in enforcement of labor. 
Standards and some 

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Standards and some 
environmental issues and so 

252
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environmental issues and so 
that may give us room for even 

253
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that may give us room for even 
better e US relations because 

254
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better e US relations because 
on those standards as we’ve 

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on those standards as we’ve 
tried to point out to the labor 

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tried to point out to the labor 
labor groups for a long time 

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labor groups for a long time 
the Europeans succeed the US so 

258
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the Europeans succeed the US so 
there’s even possible good news 

259
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there’s even possible good news 
on that front, but now let me 

260
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on that front, but now let me 
talk about the reality checks 

261
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talk about the reality checks 
first the extent of suspicion 

262
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first the extent of suspicion 
if not outright fear and anger 

263
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if not outright fear and anger 
at China. I think it’s not 

264
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at China. I think it’s not 
entirely justified, but it is 

265
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entirely justified, but it is 
widely held in Washington. 

266
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widely held in Washington. 
Across both parties across 

267
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Across both parties across 
Congress and so very aggressive 

268
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Congress and so very aggressive 
measures against China will 

269
00:09:04,267 --> 00:09:06,500
measures against China will 
continue to be taken and not 

270
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continue to be taken and not 
all of those will want to go 

271
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all of those will want to go 
along with and so there will be 

272
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along with and so there will be 
continuing friction there. 

273
00:09:12,200 --> 00:09:15,034
continuing friction there. 
second the US is committed and 

274
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second the US is committed and 
again this is us government and 

275
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again this is us government and 
again. this is both parties to 

276
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again. this is both parties to 
using unilateral sanctions, 

277
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using unilateral sanctions, 
particularly the US position in 

278
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particularly the US position in 
financial markets to try to 

279
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financial markets to try to 
enforce areas, foreign policy 

280
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enforce areas, foreign policy 
goals and economic goals. We’ve 

281
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goals and economic goals. We’ve 
seen this with respect to Iran. 

282
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seen this with respect to Iran. 
We’ve seen this perspective. 

283
00:09:32,367 --> 00:09:33,366
We’ve seen this perspective. 
Venezuela Cuba We’re seeing it 

284
00:09:33,366 --> 00:09:35,967
Venezuela Cuba We’re seeing it 
now with her. China and Hong 

285
00:09:35,967 --> 00:09:37,834
now with her. China and Hong 
Kong that is again something 

286
00:09:37,834 --> 00:09:38,867
Kong that is again something 
that Democrats in Congress even 

287
00:09:38,867 --> 00:09:40,667
that Democrats in Congress even 
if some of the foreign-policy 

288
00:09:40,667 --> 00:09:42,234
if some of the foreign-policy 
professionals who would enter 

289
00:09:42,234 --> 00:09:44,434
professionals who would enter 
the government under Biden, 

290
00:09:44,434 --> 00:09:45,434
the government under Biden, 
don’t think is good Democrats 

291
00:09:45,434 --> 00:09:46,600
don’t think is good Democrats 
in Congress as well as 

292
00:09:46,600 --> 00:09:48,600
in Congress as well as 
Republicans like this and so to 

293
00:09:48,600 --> 00:09:50,833
Republicans like this and so to 
continue abuse, I would say and 

294
00:09:50,833 --> 00:09:53,333
continue abuse, I would say and 
overuse of unilateral financial 

295
00:09:53,333 --> 00:09:54,833
overuse of unilateral financial 
sanctions is like the 

296
00:09:54,833 --> 00:09:56,234
sanctions is like the 
continuum. That’s a very 

297
00:09:56,234 --> 00:09:58,733
continuum. That’s a very 
distressing to some parts of 

298
00:09:58,733 --> 00:10:01,466
distressing to some parts of 
Europe. third turn to the issue 

299
00:10:01,466 --> 00:10:04,000
Europe. third turn to the issue 
of the Wt The WT is not pop. 

300
00:10:04,000 --> 00:10:05,800
of the Wt The WT is not pop. 
They are in the US. I think the 

301
00:10:05,800 --> 00:10:07,801
They are in the US. I think the 
Biden people are much more 

302
00:10:07,801 --> 00:10:09,566
Biden people are much more 
pragmatic and not on a jihad to 

303
00:10:09,566 --> 00:10:11,700
pragmatic and not on a jihad to 
use a bad word not on an 

304
00:10:11,700 --> 00:10:13,233
use a bad word not on an 
ideological, Let me withdraw 

305
00:10:13,233 --> 00:10:15,666
ideological, Let me withdraw 
that an ideological conflict 

306
00:10:15,666 --> 00:10:17,467
that an ideological conflict 
against the Wt the way light 

307
00:10:17,467 --> 00:10:19,866
against the Wt the way light 
Heiser and the Trump team are 

308
00:10:19,866 --> 00:10:21,967
Heiser and the Trump team are 
that said there is a wide 

309
00:10:21,967 --> 00:10:23,800
that said there is a wide 
acceptance in the US, which may 

310
00:10:23,800 --> 00:10:25,266
acceptance in the US, which may 
or may not be entirely 

311
00:10:25,266 --> 00:10:25,899
or may not be entirely 
justified, but a very wide 

312
00:10:25,899 --> 00:10:27,167
justified, but a very wide 
acceptance that there have to 

313
00:10:27,167 --> 00:10:28,633
acceptance that there have to 
be changes to a lot of things 

314
00:10:28,633 --> 00:10:30,834
be changes to a lot of things 
to do with the WT the speed of 

315
00:10:30,834 --> 00:10:32,434
to do with the WT the speed of 
dispute settlement the ability 

316
00:10:32,434 --> 00:10:33,766
dispute settlement the ability 
to of small states to exert 

317
00:10:33,766 --> 00:10:34,799
to of small states to exert 
themselves. so I think it’s 

318
00:10:34,799 --> 00:10:37,534
themselves. so I think it’s 
gonna be very. Difficult to get 

319
00:10:37,534 --> 00:10:40,434
gonna be very. Difficult to get 
the WT back I had praised and 

320
00:10:40,434 --> 00:10:43,667
the WT back I had praised and 
encouraged Cecilia when she was 

321
00:10:43,667 --> 00:10:45,367
encouraged Cecilia when she was 
commissioner for trade in the 

322
00:10:45,367 --> 00:10:46,000
commissioner for trade in the 
leadership, she and others 

323
00:10:46,000 --> 00:10:47,667
leadership, she and others 
showed for creating the 

324
00:10:47,667 --> 00:10:49,267
showed for creating the 
alternative appellate body 

325
00:10:49,267 --> 00:10:51,800
alternative appellate body 
process as the best second best 

326
00:10:51,800 --> 00:10:53,567
process as the best second best 
solution when the US was 

327
00:10:53,567 --> 00:10:54,966
solution when the US was 
pulling out, we may be able to 

328
00:10:54,966 --> 00:10:57,400
pulling out, we may be able to 
get the US realistically back 

329
00:10:57,400 --> 00:10:59,767
get the US realistically back 
in to the to the dispute 

330
00:10:59,767 --> 00:11:01,334
in to the to the dispute 
settlement process, but it’s 

331
00:11:01,334 --> 00:11:02,600
settlement process, but it’s 
gonna take some doing and it 

332
00:11:02,600 --> 00:11:05,333
gonna take some doing and it 
may not all be efficient. The 

333
00:11:05,333 --> 00:11:08,700
may not all be efficient. The 
fourth. I would make is that in 

334
00:11:08,700 --> 00:11:11,699
fourth. I would make is that in 
that spirit, I fear that Biden 

335
00:11:11,699 --> 00:11:13,833
that spirit, I fear that Biden 
except for the bilateral trade 

336
00:11:13,833 --> 00:11:15,766
except for the bilateral trade 
issues with EU is likely to 

337
00:11:15,766 --> 00:11:17,967
issues with EU is likely to 
always want something in return 

338
00:11:17,967 --> 00:11:19,234
always want something in return 
for backing off the Trump 

339
00:11:19,234 --> 00:11:20,167
for backing off the Trump 
policy, so policy, so he may 

340
00:11:20,167 --> 00:11:22,199
policy, so policy, so he may 
not to keep pursuing a lot of 

341
00:11:22,199 --> 00:11:23,567
not to keep pursuing a lot of 
the tariffs. He may not wanna 

342
00:11:23,567 --> 00:11:26,133
the tariffs. He may not wanna 
keep pursuing the attacks on 

343
00:11:26,133 --> 00:11:28,934
keep pursuing the attacks on 
Wt, but he may in line with his 

344
00:11:28,934 --> 00:11:30,299
Wt, but he may in line with his 
announcing he wants to do AX 

345
00:11:30,299 --> 00:11:31,633
announcing he wants to do AX 
America program for certain 

346
00:11:31,633 --> 00:11:33,534
America program for certain 
government spending and certain 

347
00:11:33,534 --> 00:11:34,266
government spending and certain 
infrastructure spending he may 

348
00:11:34,266 --> 00:11:37,234
infrastructure spending he may 
try to. Things are his people 

349
00:11:37,234 --> 00:11:39,600
try to. Things are his people 
may try to extract things. I 

350
00:11:39,600 --> 00:11:41,067
may try to extract things. I 
think this is kinda productive, 

351
00:11:41,067 --> 00:11:42,700
think this is kinda productive, 
but ultimately, it’s a question 

352
00:11:42,700 --> 00:11:45,067
but ultimately, it’s a question 
of how they do it and on what 

353
00:11:45,067 --> 00:11:48,634
of how they do it and on what 
scale um but that remains to be 

354
00:11:48,634 --> 00:11:50,333
scale um but that remains to be 
played for frankly two final 

355
00:11:50,333 --> 00:11:51,900
played for frankly two final 
points are three final points. 

356
00:11:51,900 --> 00:11:54,233
points are three final points. 
First. I think when we talk 

357
00:11:54,233 --> 00:11:55,934
First. I think when we talk 
about trade and there is a 

358
00:11:55,934 --> 00:11:57,067
about trade and there is a 
tendency always to focus on 

359
00:11:57,067 --> 00:11:59,967
tendency always to focus on 
good supply chains tangible 

360
00:11:59,967 --> 00:12:03,399
good supply chains tangible 
objects images of ships and 

361
00:12:03,399 --> 00:12:03,967
objects images of ships and 
Trump has exacerbated that 

362
00:12:03,967 --> 00:12:05,634
Trump has exacerbated that 
because he really only cares 

363
00:12:05,634 --> 00:12:07,833
because he really only cares 
and visualizes about stuff you 

364
00:12:07,833 --> 00:12:09,400
and visualizes about stuff you 
can drop on your foot but of 

365
00:12:09,400 --> 00:12:11,733
can drop on your foot but of 
course. Services are an 

366
00:12:11,733 --> 00:12:13,700
course. Services are an 
enormous part of trade and 

367
00:12:13,700 --> 00:12:15,500
enormous part of trade and 
investment and things like 

368
00:12:15,500 --> 00:12:16,800
investment and things like 
education exchanges, which you 

369
00:12:16,800 --> 00:12:18,233
education exchanges, which you 
can call services or whatever 

370
00:12:18,233 --> 00:12:20,600
can call services or whatever 
these are all really big as of 

371
00:12:20,600 --> 00:12:22,366
these are all really big as of 
course your Brexit discussions 

372
00:12:22,366 --> 00:12:24,033
course your Brexit discussions 
have revealed to the general 

373
00:12:24,033 --> 00:12:27,567
have revealed to the general 
public Um there are genuine 

374
00:12:27,567 --> 00:12:29,400
public Um there are genuine 
differences and disputes in the 

375
00:12:29,400 --> 00:12:31,633
differences and disputes in the 
US versus Europe there again. I 

376
00:12:31,633 --> 00:12:32,367
US versus Europe there again. I 
think think they’re in the 

377
00:12:32,367 --> 00:12:34,367
think think they’re in the 
realm commercial disputes and 

378
00:12:34,367 --> 00:12:36,000
realm commercial disputes and 
not major ideological disputes, 

379
00:12:36,000 --> 00:12:38,133
not major ideological disputes, 
except for some things on food 

380
00:12:38,133 --> 00:12:41,766
except for some things on food 
security. but The need to 

381
00:12:41,766 --> 00:12:43,366
security. but The need to 
restart some sort of work on 

382
00:12:43,366 --> 00:12:46,000
restart some sort of work on 
services is going to be a big 

383
00:12:46,000 --> 00:12:47,967
services is going to be a big 
opportunity for the WT and a 

384
00:12:47,967 --> 00:12:49,934
opportunity for the WT and a 
big need for all of us because 

385
00:12:49,934 --> 00:12:53,133
big need for all of us because 
right now, it’s a bad situation 

386
00:12:53,133 --> 00:12:55,000
right now, it’s a bad situation 
second to last point technology 

387
00:12:55,000 --> 00:12:57,534
second to last point technology 
going back to the China issue 

388
00:12:57,534 --> 00:12:58,834
going back to the China issue 
the US a wide range of 

389
00:12:58,834 --> 00:13:01,266
the US a wide range of 
politicians are in the national 

390
00:13:01,266 --> 00:13:02,066
politicians are in the national 
security Officials of both 

391
00:13:02,066 --> 00:13:04,234
security Officials of both 
parties are increasingly 

392
00:13:04,234 --> 00:13:05,901
parties are increasingly 
concerned perhaps to an 

393
00:13:05,901 --> 00:13:08,166
concerned perhaps to an 
unrealistic degree about their 

394
00:13:08,166 --> 00:13:10,733
unrealistic degree about their 
ability to contra. China’s 

395
00:13:10,733 --> 00:13:11,600
ability to contra. China’s 
technological development 

396
00:13:11,600 --> 00:13:14,933
technological development 
through restricting technology 

397
00:13:14,933 --> 00:13:16,434
through restricting technology 
trade with China and this is 

398
00:13:16,434 --> 00:13:18,767
trade with China and this is 
going to be again as we’ve seen 

399
00:13:18,767 --> 00:13:19,767
going to be again as we’ve seen 
with the discussions, Huawei 

400
00:13:19,767 --> 00:13:21,700
with the discussions, Huawei 
and FiveG among other things. 

401
00:13:21,700 --> 00:13:23,167
and FiveG among other things. 
This is going to be an ongoing 

402
00:13:23,167 --> 00:13:25,666
This is going to be an ongoing 
source of friction between you 

403
00:13:25,666 --> 00:13:27,299
source of friction between you 
and us not because they’re 

404
00:13:27,299 --> 00:13:28,666
and us not because they’re 
geometrically opposed, but 

405
00:13:28,666 --> 00:13:29,967
geometrically opposed, but 
because they do have somewhat 

406
00:13:29,967 --> 00:13:30,934
because they do have somewhat 
different incentives and 

407
00:13:30,934 --> 00:13:32,400
different incentives and 
somewhat different assessments 

408
00:13:32,400 --> 00:13:33,767
somewhat different assessments 
of the threat, including 

409
00:13:33,767 --> 00:13:36,466
of the threat, including 
differences within the EU and 

410
00:13:36,466 --> 00:13:37,934
differences within the EU and 
so that is going to be an issue 

411
00:13:37,934 --> 00:13:38,734
so that is going to be an issue 
that has to be worked on there 

412
00:13:38,734 --> 00:13:41,300
that has to be worked on there 
should be a way to. Get to 

413
00:13:41,300 --> 00:13:42,867
should be a way to. Get to 
something that would not look 

414
00:13:42,867 --> 00:13:47,933
something that would not look 
like the Cold war um comic con, 

415
00:13:47,933 --> 00:13:49,900
like the Cold war um comic con, 
but we’re a long way from being 

416
00:13:49,900 --> 00:13:51,033
but we’re a long way from being 
there yet in the US is likely 

417
00:13:51,033 --> 00:13:53,299
there yet in the US is likely 
to continue to be quite 

418
00:13:53,299 --> 00:13:53,967
to continue to be quite 
aggressive on that point The 

419
00:13:53,967 --> 00:13:56,400
aggressive on that point The 
final issue is just to say that 

420
00:13:56,400 --> 00:13:59,067
final issue is just to say that 
we talk about the global 

421
00:13:59,067 --> 00:14:00,700
we talk about the global 
trading system the one of the 

422
00:14:00,700 --> 00:14:03,767
trading system the one of the 
biggest things that has been 

423
00:14:03,767 --> 00:14:05,933
biggest things that has been 
threatened by Trump and us 

424
00:14:05,933 --> 00:14:08,134
threatened by Trump and us 
actions under Trump. It is the 

425
00:14:08,134 --> 00:14:09,967
actions under Trump. It is the 
reliability of the US to its 

426
00:14:09,967 --> 00:14:11,934
reliability of the US to its 
commitments and there have been 

427
00:14:11,934 --> 00:14:14,267
commitments and there have been 
periods. Past including in the 

428
00:14:14,267 --> 00:14:16,667
periods. Past including in the 
1970s under Nixon, including in 

429
00:14:16,667 --> 00:14:18,600
1970s under Nixon, including in 
the late 70s under Carter, 

430
00:14:18,600 --> 00:14:20,699
the late 70s under Carter, 
where the US was seen as 

431
00:14:20,699 --> 00:14:22,200
where the US was seen as 
unreliable in its commitments 

432
00:14:22,200 --> 00:14:24,767
unreliable in its commitments 
and so it is an interesting 

433
00:14:24,767 --> 00:14:26,300
and so it is an interesting 
question intellectually and 

434
00:14:26,300 --> 00:14:29,667
question intellectually and 
profound question politically 

435
00:14:29,667 --> 00:14:32,767
profound question politically 
how much European leaders and 

436
00:14:32,767 --> 00:14:34,300
how much European leaders and 
populations will be willing to 

437
00:14:34,300 --> 00:14:37,833
populations will be willing to 
welcome the US back even if 

438
00:14:37,833 --> 00:14:39,434
welcome the US back even if 
there’s a outing win for Biden, 

439
00:14:39,434 --> 00:14:41,033
there’s a outing win for Biden, 
how much does one trust that 

440
00:14:41,033 --> 00:14:43,600
how much does one trust that 
this is? Resolved and the but 

441
00:14:43,600 --> 00:14:46,000
this is? Resolved and the but 
the Trump era is outside the 

442
00:14:46,000 --> 00:14:47,900
the Trump era is outside the 
bounds I pray and hope it is, 

443
00:14:47,900 --> 00:14:49,767
bounds I pray and hope it is, 
but I could well understand why 

444
00:14:49,767 --> 00:14:51,500
but I could well understand why 
the us why the EU and other 

445
00:14:51,500 --> 00:14:52,900
the us why the EU and other 
countries would not take that 

446
00:14:52,900 --> 00:14:55,366
countries would not take that 
for granted, even with a large, 

447
00:14:55,366 --> 00:14:58,833
for granted, even with a large, 
thank you. Thank you Adam Uh 

448
00:14:58,833 --> 00:15:01,234
thank you. Thank you Adam Uh 
this was wonderful so let me 

449
00:15:01,234 --> 00:15:03,200
this was wonderful so let me 
let me turn to uh to Cecilia to 

450
00:15:03,200 --> 00:15:04,966
let me turn to uh to Cecilia to 
give a perhaps a more 

451
00:15:04,966 --> 00:15:06,766
give a perhaps a more 
perspective from uh from uh the 

452
00:15:06,766 --> 00:15:09,266
perspective from uh from uh the 
EU and for trade commissioner 

453
00:15:09,266 --> 00:15:11,767
EU and for trade commissioner 
um and uh let me again mention 

454
00:15:11,767 --> 00:15:13,567
um and uh let me again mention 
to our audience if you wanna 

455
00:15:13,567 --> 00:15:15,867
to our audience if you wanna 
ask questions, go and slide and 

456
00:15:15,867 --> 00:15:17,333
ask questions, go and slide and 
type in the code to trade um 

457
00:15:17,333 --> 00:15:18,733
type in the code to trade um 
and then you can ask your 

458
00:15:18,733 --> 00:15:19,967
and then you can ask your 
questions and I’ll I’ll see 

459
00:15:19,967 --> 00:15:22,666
questions and I’ll I’ll see 
those questions appearing on my 

460
00:15:22,666 --> 00:15:24,066
those questions appearing on my 
smartphone. Cecilia please over 

461
00:15:24,066 --> 00:15:25,967
smartphone. Cecilia please over 
to you. Thank you so much. 

462
00:15:25,967 --> 00:15:28,134
to you. Thank you so much. 
thank. For inviting me and uh 

463
00:15:28,134 --> 00:15:30,767
thank. For inviting me and uh 
thank you for allowing me to 

464
00:15:30,767 --> 00:15:32,333
thank you for allowing me to 
meet again with Adam although 

465
00:15:32,333 --> 00:15:34,300
meet again with Adam although 
it’s not for real but at least 

466
00:15:34,300 --> 00:15:36,333
it’s not for real but at least 
we can wait at each other good 

467
00:15:36,333 --> 00:15:36,867
we can wait at each other good 
afternoon, ladies and 

468
00:15:36,867 --> 00:15:38,699
afternoon, ladies and 
gentlemen, uh as well, I think 

469
00:15:38,699 --> 00:15:41,201
gentlemen, uh as well, I think 
the last year have been quite 

470
00:15:41,201 --> 00:15:43,066
the last year have been quite 
problematic for the e US uh 

471
00:15:43,066 --> 00:15:44,434
problematic for the e US uh 
relationship transatlantic 

472
00:15:44,434 --> 00:15:46,334
relationship transatlantic 
relations in general, but if we 

473
00:15:46,334 --> 00:15:49,367
relations in general, but if we 
focus on trade uh of course a 

474
00:15:49,367 --> 00:15:51,867
focus on trade uh of course a 
was in trouble even before uh 

475
00:15:51,867 --> 00:15:53,234
was in trouble even before uh 
this administration took office 

476
00:15:53,234 --> 00:15:55,200
this administration took office 
even if we had made some leeway 

477
00:15:55,200 --> 00:15:57,534
even if we had made some leeway 
we had. Uh difficulties a week 

478
00:15:57,534 --> 00:15:59,967
we had. Uh difficulties a week 
was put in the freezer already 

479
00:15:59,967 --> 00:16:01,934
was put in the freezer already 
under Obama. We had this deal 

480
00:16:01,934 --> 00:16:03,034
under Obama. We had this deal 
on aluminum tariffs, which are 

481
00:16:03,034 --> 00:16:05,167
on aluminum tariffs, which are 
bad in itself, but also the 

482
00:16:05,167 --> 00:16:06,733
bad in itself, but also the 
motivation that these are done 

483
00:16:06,733 --> 00:16:08,534
motivation that these are done 
for security reasons and that 

484
00:16:08,534 --> 00:16:10,767
for security reasons and that 
EU would be a sort of threat to 

485
00:16:10,767 --> 00:16:12,400
EU would be a sort of threat to 
national security of the US is 

486
00:16:12,400 --> 00:16:13,900
national security of the US is 
of course, extremely insulting 

487
00:16:13,900 --> 00:16:17,267
of course, extremely insulting 
for allies and friends. Uh we 

488
00:16:17,267 --> 00:16:19,167
for allies and friends. Uh we 
have the threat of other charts 

489
00:16:19,167 --> 00:16:21,833
have the threat of other charts 
wine car car parts. We have the 

490
00:16:21,833 --> 00:16:25,367
wine car car parts. We have the 
the the um disputes in the uh 

491
00:16:25,367 --> 00:16:27,867
the the um disputes in the uh 
up body. We had the dispute 

492
00:16:27,867 --> 00:16:29,766
up body. We had the dispute 
some Boeing Airbus where both 

493
00:16:29,766 --> 00:16:31,033
some Boeing Airbus where both 
partners have been sending uh 

494
00:16:31,033 --> 00:16:32,499
partners have been sending uh 
but we have no. Been able to 

495
00:16:32,499 --> 00:16:35,833
but we have no. Been able to 
come to negotiated solution 

496
00:16:35,833 --> 00:16:37,700
come to negotiated solution 
they are on the positive side. 

497
00:16:37,700 --> 00:16:40,267
they are on the positive side. 
We have very small uh progress 

498
00:16:40,267 --> 00:16:43,967
We have very small uh progress 
we didn’t achieve a small trade 

499
00:16:43,967 --> 00:16:45,733
we didn’t achieve a small trade 
agreement. We have a very 

500
00:16:45,733 --> 00:16:48,267
agreement. We have a very 
modest agreement on on lobster 

501
00:16:48,267 --> 00:16:49,967
modest agreement on on lobster 
uh ceramics, which is stuck in 

502
00:16:49,967 --> 00:16:51,966
uh ceramics, which is stuck in 
the European Parliament right 

503
00:16:51,966 --> 00:16:53,634
the European Parliament right 
now, unfortunately uh but we 

504
00:16:53,634 --> 00:16:55,799
now, unfortunately uh but we 
have had some discussions on 

505
00:16:55,799 --> 00:16:57,667
have had some discussions on 
standards uh where there’s been 

506
00:16:57,667 --> 00:16:59,500
standards uh where there’s been 
been some ground work even if 

507
00:16:59,500 --> 00:17:00,666
been some ground work even if 
you know conclusion yet and the 

508
00:17:00,666 --> 00:17:04,267
you know conclusion yet and the 
work that. With Japan and us on 

509
00:17:04,267 --> 00:17:05,900
work that. With Japan and us on 
trying to formulate a new w two 

510
00:17:05,900 --> 00:17:08,533
trying to formulate a new w two 
rules on subsidies is a 

511
00:17:08,533 --> 00:17:09,933
rules on subsidies is a 
progress I would say that’s 

512
00:17:09,933 --> 00:17:12,600
progress I would say that’s 
something to build on. now. Of 

513
00:17:12,600 --> 00:17:13,767
something to build on. now. Of 
course, I heard that there’s an 

514
00:17:13,767 --> 00:17:15,134
course, I heard that there’s an 
election in the US coming up 

515
00:17:15,134 --> 00:17:17,367
election in the US coming up 
soon and of course, EU has to 

516
00:17:17,367 --> 00:17:19,500
soon and of course, EU has to 
engage with whoever is in the 

517
00:17:19,500 --> 00:17:21,301
engage with whoever is in the 
White House. That’s the 

518
00:17:21,301 --> 00:17:23,233
White House. That’s the 
decision of the American people 

519
00:17:23,233 --> 00:17:25,533
decision of the American people 
if mister Trump remains, I 

520
00:17:25,533 --> 00:17:27,067
if mister Trump remains, I 
think there would be much of 

521
00:17:27,067 --> 00:17:28,367
think there would be much of 
the same policy, but there’s 

522
00:17:28,367 --> 00:17:29,399
the same policy, but there’s 
still a need to find some sort 

523
00:17:29,399 --> 00:17:32,634
still a need to find some sort 
of agenda. To see which engaged 

524
00:17:32,634 --> 00:17:34,799
of agenda. To see which engaged 
to incorporate on China come 

525
00:17:34,799 --> 00:17:36,667
to incorporate on China come 
back to that try to see if we 

526
00:17:36,667 --> 00:17:39,267
back to that try to see if we 
can do something in the who 

527
00:17:39,267 --> 00:17:41,833
can do something in the who 
some sort of negotiation to 

528
00:17:41,833 --> 00:17:43,734
some sort of negotiation to 
facilitate trade uh between us 

529
00:17:43,734 --> 00:17:46,833
facilitate trade uh between us 
and of course, come to a 

530
00:17:46,833 --> 00:17:47,234
and of course, come to a 
negotiated solution on our 

531
00:17:47,234 --> 00:17:51,200
negotiated solution on our 
respective Airbus and Boeing if 

532
00:17:51,200 --> 00:17:53,000
respective Airbus and Boeing if 
uh mister Biden wins, I think 

533
00:17:53,000 --> 00:17:56,401
uh mister Biden wins, I think 
there’s a quite realistic 

534
00:17:56,401 --> 00:17:57,800
there’s a quite realistic 
expectations uh in Europe on 

535
00:17:57,800 --> 00:17:59,367
expectations uh in Europe on 
what will be achieved, Europe 

536
00:17:59,367 --> 00:18:01,899
what will be achieved, Europe 
and trade is definitely not top 

537
00:18:01,899 --> 00:18:04,199
and trade is definitely not top 
ten of mister Biden’s agenda he 

538
00:18:04,199 --> 00:18:05,534
ten of mister Biden’s agenda he 
will have to focus on domestic 

539
00:18:05,534 --> 00:18:08,833
will have to focus on domestic 
policies and Urgent issues like 

540
00:18:08,833 --> 00:18:11,034
policies and Urgent issues like 
all governments crisis, of 

541
00:18:11,034 --> 00:18:13,267
all governments crisis, of 
course, the main and the 

542
00:18:13,267 --> 00:18:15,634
course, the main and the 
economy, but we think, and we 

543
00:18:15,634 --> 00:18:17,700
economy, but we think, and we 
hope that there would be a new 

544
00:18:17,700 --> 00:18:18,700
hope that there would be a new 
tone in the relationship. 

545
00:18:18,700 --> 00:18:20,667
tone in the relationship. 
Mister Biden has several time 

546
00:18:20,667 --> 00:18:22,733
Mister Biden has several time 
during his very long career 

547
00:18:22,733 --> 00:18:24,767
during his very long career 
expressed support and 

548
00:18:24,767 --> 00:18:27,234
expressed support and 
engagement for Europe and for 

549
00:18:27,234 --> 00:18:30,800
engagement for Europe and for 
the the value of transplant 

550
00:18:30,800 --> 00:18:32,233
the the value of transplant 
Corporation and Multilateral 

551
00:18:32,233 --> 00:18:34,166
Corporation and Multilateral 
Corporation. So so this is a 

552
00:18:34,166 --> 00:18:36,299
Corporation. So so this is a 
good thing rejoining some of 

553
00:18:36,299 --> 00:18:38,000
good thing rejoining some of 
the international organizations 

554
00:18:38,000 --> 00:18:39,866
the international organizations 
such as Paris women mister 

555
00:18:39,866 --> 00:18:42,633
such as Paris women mister 
Biden said. The last day that 

556
00:18:42,633 --> 00:18:44,867
Biden said. The last day that 
this would be done on number 1 

557
00:18:44,867 --> 00:18:47,800
this would be done on number 1 
day of presidency. This would 

558
00:18:47,800 --> 00:18:49,267
day of presidency. This would 
be very welcomed in Europe, of 

559
00:18:49,267 --> 00:18:50,867
be very welcomed in Europe, of 
course and open a whole range 

560
00:18:50,867 --> 00:18:53,499
course and open a whole range 
of possibilities and also in 

561
00:18:53,499 --> 00:18:54,800
of possibilities and also in 
some other security. related 

562
00:18:54,800 --> 00:18:57,233
some other security. related 
matters, Iran and others, but 

563
00:18:57,233 --> 00:18:59,867
matters, Iran and others, but 
focusing on trade if we can get 

564
00:18:59,867 --> 00:19:02,201
focusing on trade if we can get 
uh together with us to see what 

565
00:19:02,201 --> 00:19:04,066
uh together with us to see what 
we jointly can do to reform and 

566
00:19:04,066 --> 00:19:06,767
we jointly can do to reform and 
to push for reforms. I think 

567
00:19:06,767 --> 00:19:08,700
to push for reforms. I think 
that would be very positive 

568
00:19:08,700 --> 00:19:10,934
that would be very positive 
There are a discussion. Ongoing 

569
00:19:10,934 --> 00:19:13,334
There are a discussion. Ongoing 
on digital trade with us is 

570
00:19:13,334 --> 00:19:14,900
on digital trade with us is 
around the table uh that maybe 

571
00:19:14,900 --> 00:19:17,200
around the table uh that maybe 
we could pursue there is an old 

572
00:19:17,200 --> 00:19:18,800
we could pursue there is an old 
agreement that is in the 

573
00:19:18,800 --> 00:19:20,366
agreement that is in the 
freezer, but where we have 

574
00:19:20,366 --> 00:19:23,801
freezer, but where we have 
joined interest to uh take it 

575
00:19:23,801 --> 00:19:25,234
joined interest to uh take it 
out again on environmental 

576
00:19:25,234 --> 00:19:27,701
out again on environmental 
goods agreement would be 

577
00:19:27,701 --> 00:19:30,234
goods agreement would be 
beneficial for US industry. 

578
00:19:30,234 --> 00:19:31,867
beneficial for US industry. 
Green tech industry and Europe, 

579
00:19:31,867 --> 00:19:32,900
Green tech industry and Europe, 
and many others if we can take 

580
00:19:32,900 --> 00:19:34,667
and many others if we can take 
that out and see if we can make 

581
00:19:34,667 --> 00:19:36,400
that out and see if we can make 
a pure lateral deal on that to 

582
00:19:36,400 --> 00:19:38,699
a pure lateral deal on that to 
take away tariffs on 

583
00:19:38,699 --> 00:19:39,801
take away tariffs on 
environmentally friendly goods 

584
00:19:39,801 --> 00:19:41,167
environmentally friendly goods 
that would be good for the 

585
00:19:41,167 --> 00:19:42,799
that would be good for the 
environment and it would be 

586
00:19:42,799 --> 00:19:43,967
environment and it would be 
good to show that who or at 

587
00:19:43,967 --> 00:19:45,933
good to show that who or at 
least a group of members. Of 

588
00:19:45,933 --> 00:19:48,201
least a group of members. Of 
are willing to move that 

589
00:19:48,201 --> 00:19:49,666
are willing to move that 
organization forward and 

590
00:19:49,666 --> 00:19:51,399
organization forward and 
engaging to try to find a 

591
00:19:51,399 --> 00:19:53,867
engaging to try to find a 
solution on the on the body 

592
00:19:53,867 --> 00:19:56,599
solution on the on the body 
would also be the the highly 

593
00:19:56,599 --> 00:19:59,500
would also be the the highly 
welcome uh if we can I do not 

594
00:19:59,500 --> 00:20:02,866
welcome uh if we can I do not 
think that a new tip is neither 

595
00:20:02,866 --> 00:20:04,600
think that a new tip is neither 
on the short term or the medium 

596
00:20:04,600 --> 00:20:05,934
on the short term or the medium 
term agenda anybody, but if we 

597
00:20:05,934 --> 00:20:08,201
term agenda anybody, but if we 
can do something to rebuild 

598
00:20:08,201 --> 00:20:10,633
can do something to rebuild 
trust to see if we can maybe on 

599
00:20:10,633 --> 00:20:11,600
trust to see if we can maybe on 
standards and a few terrorist 

600
00:20:11,600 --> 00:20:14,499
standards and a few terrorist 
at least build something that 

601
00:20:14,499 --> 00:20:17,200
at least build something that 
rebuilt. Trust and puts a sort 

602
00:20:17,200 --> 00:20:18,767
rebuilt. Trust and puts a sort 
of platform for future 

603
00:20:18,767 --> 00:20:20,801
of platform for future 
discussions, maybe later in the 

604
00:20:20,801 --> 00:20:22,933
discussions, maybe later in the 
mandate that would be something 

605
00:20:22,933 --> 00:20:24,666
mandate that would be something 
where Europe will certainly be 

606
00:20:24,666 --> 00:20:28,233
where Europe will certainly be 
ready uh to do but to the talks 

607
00:20:28,233 --> 00:20:30,834
ready uh to do but to the talks 
about um by America and the 

608
00:20:30,834 --> 00:20:32,366
about um by America and the 
difficulties in the agriculture 

609
00:20:32,366 --> 00:20:33,767
difficulties in the agriculture 
industry will make this very 

610
00:20:33,767 --> 00:20:35,200
industry will make this very 
unlikely to be a high priority 

611
00:20:35,200 --> 00:20:36,967
unlikely to be a high priority 
for either side, but if there’s 

612
00:20:36,967 --> 00:20:38,999
for either side, but if there’s 
something that could be done, I 

613
00:20:38,999 --> 00:20:40,899
something that could be done, I 
think that would be positive 

614
00:20:40,899 --> 00:20:43,401
think that would be positive 
and if mister Biden 

615
00:20:43,401 --> 00:20:44,201
and if mister Biden 
administration would take away 

616
00:20:44,201 --> 00:20:46,000
administration would take away 
the steel and aluminum tariffs, 

617
00:20:46,000 --> 00:20:47,466
the steel and aluminum tariffs, 
which he called the other day 

618
00:20:47,466 --> 00:20:49,300
which he called the other day 
reckless that would also send a 

619
00:20:49,300 --> 00:20:53,933
reckless that would also send a 
very positive signal. Europe is 

620
00:20:53,933 --> 00:20:55,299
very positive signal. Europe is 
getting tougher on China, much 

621
00:20:55,299 --> 00:20:57,801
getting tougher on China, much 
of the criticism that us has 

622
00:20:57,801 --> 00:21:00,234
of the criticism that us has 
voiced is China shared but by 

623
00:21:00,234 --> 00:21:01,967
voiced is China shared but by 
European Union on the level 

624
00:21:01,967 --> 00:21:04,401
European Union on the level 
playing field or on on cyber 

625
00:21:04,401 --> 00:21:07,299
playing field or on on cyber 
theft on not complying with who 

626
00:21:07,299 --> 00:21:09,133
theft on not complying with who 
uh requirements on dumping of 

627
00:21:09,133 --> 00:21:11,600
uh requirements on dumping of 
markets uh on unfair conditions 

628
00:21:11,600 --> 00:21:14,634
markets uh on unfair conditions 
and so on the Europe doesn’t 

629
00:21:14,634 --> 00:21:16,933
and so on the Europe doesn’t 
share the US tactics. but we 

630
00:21:16,933 --> 00:21:17,799
share the US tactics. but we 
share a lot of the the 

631
00:21:17,799 --> 00:21:19,400
share a lot of the the 
strategies so here I think we 

632
00:21:19,400 --> 00:21:20,900
strategies so here I think we 
can build something together 

633
00:21:20,900 --> 00:21:23,667
can build something together 
trying to find ways to join. 

634
00:21:23,667 --> 00:21:25,500
trying to find ways to join. 
Push for reciprocity or level 

635
00:21:25,500 --> 00:21:27,734
Push for reciprocity or level 
playing field is China together 

636
00:21:27,734 --> 00:21:30,334
playing field is China together 
with Japan and other allies if 

637
00:21:30,334 --> 00:21:32,867
with Japan and other allies if 
we can make a sort of 

638
00:21:32,867 --> 00:21:33,800
we can make a sort of 
transatlantic working group on 

639
00:21:33,800 --> 00:21:35,734
transatlantic working group on 
China to identify some core 

640
00:21:35,734 --> 00:21:38,166
China to identify some core 
issues on trade, but also 

641
00:21:38,166 --> 00:21:39,767
issues on trade, but also 
others if we can continue a 

642
00:21:39,767 --> 00:21:41,534
others if we can continue a 
work we had on on investment 

643
00:21:41,534 --> 00:21:44,000
work we had on on investment 
screening where we actually did 

644
00:21:44,000 --> 00:21:45,633
screening where we actually did 
in the past, I had some input 

645
00:21:45,633 --> 00:21:47,766
in the past, I had some input 
from treasuring the US when we 

646
00:21:47,766 --> 00:21:49,233
from treasuring the US when we 
are designing our own mechanism 

647
00:21:49,233 --> 00:21:51,233
are designing our own mechanism 
in in the European Union, which 

648
00:21:51,233 --> 00:21:52,834
in in the European Union, which 
is not the same, but it’s at 

649
00:21:52,834 --> 00:21:53,966
is not the same, but it’s at 
least based on the same ideas. 

650
00:21:53,966 --> 00:21:56,833
least based on the same ideas. 
Here are a few. Uh that could 

651
00:21:56,833 --> 00:21:59,234
Here are a few. Uh that could 
be done more short term issues 

652
00:21:59,234 --> 00:22:01,067
be done more short term issues 
finding a solution to the 

653
00:22:01,067 --> 00:22:02,799
finding a solution to the 
privacy Shield would mean a lot 

654
00:22:02,799 --> 00:22:05,967
privacy Shield would mean a lot 
for industry on both sides um 

655
00:22:05,967 --> 00:22:07,734
for industry on both sides um 
and uh trying to see if we can 

656
00:22:07,734 --> 00:22:09,200
and uh trying to see if we can 
come to join solution on the 

657
00:22:09,200 --> 00:22:11,667
come to join solution on the 
corporate tax digital global 

658
00:22:11,667 --> 00:22:13,867
corporate tax digital global 
tax, which is discussed right 

659
00:22:13,867 --> 00:22:15,500
tax, which is discussed right 
now in the EU, but also in the 

660
00:22:15,500 --> 00:22:18,933
now in the EU, but also in the 
OC with 135 countries if we can 

661
00:22:18,933 --> 00:22:20,733
OC with 135 countries if we can 
find some common leeway there, 

662
00:22:20,733 --> 00:22:22,934
find some common leeway there, 
I think that would also um 

663
00:22:22,934 --> 00:22:24,667
I think that would also um 
build trust and it would be 

664
00:22:24,667 --> 00:22:26,633
build trust and it would be 
good for you know credibility 

665
00:22:26,633 --> 00:22:28,600
good for you know credibility 
of the Trans Atlantic so 

666
00:22:28,600 --> 00:22:33,034
of the Trans Atlantic so 
finding more but clear. 

667
00:23:00,800 --> 00:23:02,801
I mean, I’m I’m delighted that 

668
00:23:02,801 --> 00:23:03,967
I mean, I’m I’m delighted that 
I’m not surprised by it but 

669
00:23:03,967 --> 00:23:06,399
I’m not surprised by it but 
delighted to hear Cecilia 

670
00:23:06,399 --> 00:23:07,900
delighted to hear Cecilia 
vision is her realism, but also 

671
00:23:07,900 --> 00:23:10,200
vision is her realism, but also 
her desire to get things done. 

672
00:23:10,200 --> 00:23:11,300
her desire to get things done. 
One thing which I didn’t 

673
00:23:11,300 --> 00:23:13,166
One thing which I didn’t 
mention, which is critically 

674
00:23:13,166 --> 00:23:15,700
mention, which is critically 
important, is that even if 

675
00:23:15,700 --> 00:23:16,967
important, is that even if 
Biden does go forward on 

676
00:23:16,967 --> 00:23:18,334
Biden does go forward on 
climate change and rejoined 

677
00:23:18,334 --> 00:23:20,300
climate change and rejoined 
Paris accord as we all hope he 

678
00:23:20,300 --> 00:23:22,267
Paris accord as we all hope he 
does the US will be moving much 

679
00:23:22,267 --> 00:23:23,800
does the US will be moving much 
more solely than the EU is 

680
00:23:23,800 --> 00:23:25,033
more solely than the EU is 
committed to doing and so there 

681
00:23:25,033 --> 00:23:26,433
committed to doing and so there 
is going to be a trade aspect 

682
00:23:26,433 --> 00:23:27,834
is going to be a trade aspect 
of border adjustments that 

683
00:23:27,834 --> 00:23:28,967
of border adjustments that 
we’re gonna have to talk about 

684
00:23:28,967 --> 00:23:32,167
we’re gonna have to talk about 
it. It’s. That’s even if Biden 

685
00:23:32,167 --> 00:23:34,333
it. It’s. That’s even if Biden 
does the right thing, which is 

686
00:23:34,333 --> 00:23:38,300
does the right thing, which is 
stop and second, just that the 

687
00:23:38,300 --> 00:23:41,400
stop and second, just that the 
um we do need to do work in 

688
00:23:41,400 --> 00:23:43,633
um we do need to do work in 
terms of trust and legitimizing 

689
00:23:43,633 --> 00:23:44,800
terms of trust and legitimizing 
to our peoples and for helping 

690
00:23:44,800 --> 00:23:48,434
to our peoples and for helping 
the world do better on vaccine 

691
00:23:48,434 --> 00:23:52,234
the world do better on vaccine 
nationalism and provision of 

692
00:23:52,234 --> 00:23:52,833
nationalism and provision of 
protective equipment and 

693
00:23:52,833 --> 00:23:54,633
protective equipment and 
related supplies against 

694
00:23:54,633 --> 00:23:55,767
related supplies against 
Cecilia knows this, you know 

695
00:23:55,767 --> 00:23:58,600
Cecilia knows this, you know 
this. I just that also should 

696
00:23:58,600 --> 00:23:59,434
this. I just that also should 
be in the immediate agenda and 

697
00:23:59,434 --> 00:24:01,234
be in the immediate agenda and 
I’m hopeful that AB. 

698
00:24:01,234 --> 00:24:03,100
I’m hopeful that AB. 
Administration would put that 

699
00:24:03,100 --> 00:24:04,699
Administration would put that 
in there thank you Adam. I mean 

700
00:24:04,699 --> 00:24:07,100
in there thank you Adam. I mean 
I indeed uh wanted to dwell on 

701
00:24:07,100 --> 00:24:09,167
I indeed uh wanted to dwell on 
two aspects. One is the climate 

702
00:24:09,167 --> 00:24:10,600
two aspects. One is the climate 
aspect and let’s spend a bit a 

703
00:24:10,600 --> 00:24:11,967
aspect and let’s spend a bit a 
bit of time on that one you 

704
00:24:11,967 --> 00:24:13,534
bit of time on that one you 
know in a minute, but before 

705
00:24:13,534 --> 00:24:15,767
know in a minute, but before 
doing that, let let let’s focus 

706
00:24:15,767 --> 00:24:17,400
doing that, let let let’s focus 
perhaps a bit on the China 

707
00:24:17,400 --> 00:24:19,834
perhaps a bit on the China 
issue because Syria um also 

708
00:24:19,834 --> 00:24:22,833
issue because Syria um also 
mentioned it very prominently 

709
00:24:22,833 --> 00:24:25,401
mentioned it very prominently 
as you did, Adam and Cecilia 

710
00:24:25,401 --> 00:24:26,767
as you did, Adam and Cecilia 
made a strong statement that uh 

711
00:24:26,767 --> 00:24:29,100
made a strong statement that uh 
you know we share the concerns 

712
00:24:29,100 --> 00:24:32,333
you know we share the concerns 
as Europeans. Um uh but we we 

713
00:24:32,333 --> 00:24:35,767
as Europeans. Um uh but we we 
have different tactics um now 

714
00:24:35,767 --> 00:24:38,234
have different tactics um now 
perhaps we can uh I can push 

715
00:24:38,234 --> 00:24:39,867
perhaps we can uh I can push 
both of you to to uh to enlarge 

716
00:24:39,867 --> 00:24:42,234
both of you to to uh to enlarge 
a little bit more on that 

717
00:24:42,234 --> 00:24:44,299
a little bit more on that 
because um, of course, from a 

718
00:24:44,299 --> 00:24:46,367
because um, of course, from a 
European point of view, um yes, 

719
00:24:46,367 --> 00:24:47,967
European point of view, um yes, 
there’s concerns about China. 

720
00:24:47,967 --> 00:24:50,233
there’s concerns about China. 
but yes, there’s also big 

721
00:24:50,233 --> 00:24:53,400
but yes, there’s also big 
interest in China and um uh the 

722
00:24:53,400 --> 00:24:55,067
interest in China and um uh the 
notion that um and I think the 

723
00:24:55,067 --> 00:24:58,033
notion that um and I think the 
current um leadership in the U 

724
00:24:58,033 --> 00:25:01,200
current um leadership in the U 
and certainly um the um. 

725
00:25:01,200 --> 00:25:01,899
and certainly um the um. 
Commission and the European 

726
00:25:01,899 --> 00:25:03,767
Commission and the European 
Council president share the 

727
00:25:03,767 --> 00:25:06,667
Council president share the 
view that um uh they uh they do 

728
00:25:06,667 --> 00:25:09,299
view that um uh they uh they do 
want to uh continue engaging uh 

729
00:25:09,299 --> 00:25:11,801
want to uh continue engaging uh 
very strongly with China also 

730
00:25:11,801 --> 00:25:14,700
very strongly with China also 
because it is such an 

731
00:25:14,700 --> 00:25:16,100
because it is such an 
economically important uh 

732
00:25:16,100 --> 00:25:17,967
economically important uh 
important uh partner um at the 

733
00:25:17,967 --> 00:25:20,201
important uh partner um at the 
same time of course as the the 

734
00:25:20,201 --> 00:25:21,733
same time of course as the the 
security worries um and there’s 

735
00:25:21,733 --> 00:25:24,500
security worries um and there’s 
the various um uh and you refer 

736
00:25:24,500 --> 00:25:26,700
the various um uh and you refer 
to this which are connected to 

737
00:25:26,700 --> 00:25:29,800
to this which are connected to 
technology and um uh which is. 

738
00:25:29,800 --> 00:25:32,367
technology and um uh which is. 
The area where uh both abide 

739
00:25:32,367 --> 00:25:33,967
The area where uh both abide 
and the Trump administration 

740
00:25:33,967 --> 00:25:36,334
and the Trump administration 
would continue to be um 

741
00:25:36,334 --> 00:25:39,299
would continue to be um 
extremely tough, um perhaps uh 

742
00:25:39,299 --> 00:25:41,867
extremely tough, um perhaps uh 
in a in a futile way China’s 

743
00:25:41,867 --> 00:25:44,200
in a in a futile way China’s 
technological progress um maybe 

744
00:25:44,200 --> 00:25:45,867
technological progress um maybe 
very hard uh to stop and it’s 

745
00:25:45,867 --> 00:25:47,400
very hard uh to stop and it’s 
uh it maybe even unreasonable 

746
00:25:47,400 --> 00:25:51,167
uh it maybe even unreasonable 
to try to stop it um but um the 

747
00:25:51,167 --> 00:25:53,167
to try to stop it um but um the 
way that the the US 

748
00:25:53,167 --> 00:25:54,833
way that the the US 
Administration and the and the 

749
00:25:54,833 --> 00:25:56,933
Administration and the and the 
Biden, as well as under under 

750
00:25:56,933 --> 00:26:00,300
Biden, as well as under under 
Trump, will be tough on. On on 

751
00:26:00,300 --> 00:26:02,767
Trump, will be tough on. On on 
trade with digital um 

752
00:26:02,767 --> 00:26:03,467
trade with digital um 
technologies and broader 

753
00:26:03,467 --> 00:26:04,767
technologies and broader 
technologies, we’ll have 

754
00:26:04,767 --> 00:26:08,167
technologies, we’ll have 
massive implications uh for 

755
00:26:08,167 --> 00:26:09,067
massive implications uh for 
Europe and could actually 

756
00:26:09,067 --> 00:26:10,667
Europe and could actually 
become a real real headache for 

757
00:26:10,667 --> 00:26:12,167
become a real real headache for 
Europe, improving by cutting 

758
00:26:12,167 --> 00:26:14,000
Europe, improving by cutting 
value chains even going as far 

759
00:26:14,000 --> 00:26:16,600
value chains even going as far 
as secondary sanctions um on 

760
00:26:16,600 --> 00:26:17,866
as secondary sanctions um on 
technology products and in 

761
00:26:17,866 --> 00:26:19,466
technology products and in 
European companies. so I think 

762
00:26:19,466 --> 00:26:20,734
European companies. so I think 
we are here in for a real risk 

763
00:26:20,734 --> 00:26:22,801
we are here in for a real risk 
that this will be extremely 

764
00:26:22,801 --> 00:26:24,401
that this will be extremely 
messy and extremely difficult. 

765
00:26:24,401 --> 00:26:26,367
messy and extremely difficult. 
uh for European companies, no 

766
00:26:26,367 --> 00:26:28,867
uh for European companies, no 
matter um who’s in the white. 

767
00:26:28,867 --> 00:26:31,734
matter um who’s in the white. 
And uh I let you react to that 

768
00:26:31,734 --> 00:26:33,533
And uh I let you react to that 
and also Cecilia then after 

769
00:26:33,533 --> 00:26:36,500
and also Cecilia then after 
that. I’m afraid going for my 

770
00:26:36,500 --> 00:26:37,767
that. I’m afraid going for my 
don’t have that much to react 

771
00:26:37,767 --> 00:26:39,367
don’t have that much to react 
to because I think you’ve 

772
00:26:39,367 --> 00:26:41,900
to because I think you’ve 
characterized him very well um 

773
00:26:41,900 --> 00:26:43,066
characterized him very well um 
and just going to where you 

774
00:26:43,066 --> 00:26:44,900
and just going to where you 
started about and where you 

775
00:26:44,900 --> 00:26:48,167
started about and where you 
started about the C of you 

776
00:26:48,167 --> 00:26:50,699
started about the C of you 
versus China versus the 

777
00:26:50,699 --> 00:26:52,600
versus China versus the 
interest and opportunities the 

778
00:26:52,600 --> 00:26:54,834
interest and opportunities the 
issue is not to make that go 

779
00:26:54,834 --> 00:26:56,600
issue is not to make that go 
away and similarly the made in 

780
00:26:56,600 --> 00:26:58,934
away and similarly the made in 
the US, which I think is a 

781
00:26:58,934 --> 00:27:00,167
the US, which I think is a 
terrible policy made in 

782
00:27:00,167 --> 00:27:02,000
terrible policy made in 
America. they call it, you 

783
00:27:02,000 --> 00:27:05,867
America. they call it, you 
know, but the the the goal and 

784
00:27:05,867 --> 00:27:07,800
know, but the the the goal and 
the hope is that this becomes 

785
00:27:07,800 --> 00:27:09,600
the hope is that this becomes 
in a a sense commercial 

786
00:27:09,600 --> 00:27:12,267
in a a sense commercial 
disputes instead of. War with 

787
00:27:12,267 --> 00:27:15,067
disputes instead of. War with 
with spillovers and escalation 

788
00:27:15,067 --> 00:27:16,766
with spillovers and escalation 
and that maybe the best we can 

789
00:27:16,766 --> 00:27:19,367
and that maybe the best we can 
settle for. and then as you say 

790
00:27:19,367 --> 00:27:20,734
settle for. and then as you say 
we’ll come back to climate and 

791
00:27:20,734 --> 00:27:22,699
we’ll come back to climate and 
hoping that things like climate 

792
00:27:22,699 --> 00:27:27,400
hoping that things like climate 
and vaccines that force a trade 

793
00:27:27,400 --> 00:27:30,701
and vaccines that force a trade 
choice a trade regime choice 

794
00:27:30,701 --> 00:27:33,767
choice a trade regime choice 
that the US in abide 

795
00:27:33,767 --> 00:27:35,334
that the US in abide 
administration I would expect 

796
00:27:35,334 --> 00:27:37,800
administration I would expect 
with ultimately do the right 

797
00:27:37,800 --> 00:27:39,734
with ultimately do the right 
thing um might be a basis for 

798
00:27:39,734 --> 00:27:41,566
thing um might be a basis for 
moving forward. so I’m but I’m 

799
00:27:41,566 --> 00:27:43,634
moving forward. so I’m but I’m 
a. Side that you raise, it’s 

800
00:27:43,634 --> 00:27:44,200
a. Side that you raise, it’s 
incredibly important, but it’s 

801
00:27:44,200 --> 00:27:46,433
incredibly important, but it’s 
just a reality. I’m not sure 

802
00:27:46,433 --> 00:27:49,866
just a reality. I’m not sure 
what else I could say you know 

803
00:27:49,866 --> 00:27:51,367
what else I could say you know 
Cecilia you want to say a few 

804
00:27:51,367 --> 00:27:55,367
Cecilia you want to say a few 
words on the strategic vision. 

805
00:27:55,367 --> 00:27:56,033
words on the strategic vision. 
Uh I agree with that but the 

806
00:27:56,033 --> 00:27:59,767
Uh I agree with that but the 
way to address it is by being 

807
00:27:59,767 --> 00:28:03,367
way to address it is by being 
together and by the EU having a 

808
00:28:03,367 --> 00:28:04,899
together and by the EU having a 
United policy visa, China to 

809
00:28:04,899 --> 00:28:07,367
United policy visa, China to 
show that we want to engage but 

810
00:28:07,367 --> 00:28:08,933
show that we want to engage but 
also certain conditions and 

811
00:28:08,933 --> 00:28:10,899
also certain conditions and 
want to push jointly with 

812
00:28:10,899 --> 00:28:13,833
want to push jointly with 
speaking with one voice. Uh on 

813
00:28:13,833 --> 00:28:16,233
speaking with one voice. Uh on 
the need for us on the need for 

814
00:28:16,233 --> 00:28:17,167
the need for us on the need for 
respect and love playing fields 

815
00:28:17,167 --> 00:28:18,333
respect and love playing fields 
on the need for China to do 

816
00:28:18,333 --> 00:28:20,933
on the need for China to do 
certain promised reforms and if 

817
00:28:20,933 --> 00:28:22,400
certain promised reforms and if 
we can do that together all 27 

818
00:28:22,400 --> 00:28:24,533
we can do that together all 27 
of us with the US and others, I 

819
00:28:24,533 --> 00:28:26,333
of us with the US and others, I 
think we have a bigger chance 

820
00:28:26,333 --> 00:28:28,301
think we have a bigger chance 
succeeding then we have this 

821
00:28:28,301 --> 00:28:28,933
succeeding then we have this 
tough rooms on investment 

822
00:28:28,933 --> 00:28:30,434
tough rooms on investment 
screening The commission will 

823
00:28:30,434 --> 00:28:33,133
screening The commission will 
come up with you on stage eight 

824
00:28:33,133 --> 00:28:35,167
come up with you on stage eight 
in public procurement also 

825
00:28:35,167 --> 00:28:36,733
in public procurement also 
expanding that to countries 

826
00:28:36,733 --> 00:28:38,234
expanding that to countries 
outside the European Union uh 

827
00:28:38,234 --> 00:28:39,934
outside the European Union uh 
not only to China, but that 

828
00:28:39,934 --> 00:28:40,900
not only to China, but that 
would also level the playing 

829
00:28:40,900 --> 00:28:43,867
would also level the playing 
field. A little bit uh there 

830
00:28:43,867 --> 00:28:46,000
field. A little bit uh there 
has been a race of voice when 

831
00:28:46,000 --> 00:28:47,267
has been a race of voice when 
it comes to the situation of 

832
00:28:47,267 --> 00:28:48,234
it comes to the situation of 
human rights, which is, of 

833
00:28:48,234 --> 00:28:50,433
human rights, which is, of 
course deteriorating not only 

834
00:28:50,433 --> 00:28:52,000
course deteriorating not only 
the security in Hong Kong, but 

835
00:28:52,000 --> 00:28:55,333
the security in Hong Kong, but 
also the terrible conditions in 

836
00:28:55,333 --> 00:28:58,267
also the terrible conditions in 
Jong in the labor camps where 

837
00:28:58,267 --> 00:28:59,667
Jong in the labor camps where 
there could be a case and this 

838
00:28:59,667 --> 00:29:01,800
there could be a case and this 
is a very strong consumer 

839
00:29:01,800 --> 00:29:03,633
is a very strong consumer 
pressure right now, this could 

840
00:29:03,633 --> 00:29:06,134
pressure right now, this could 
be a case for EU and us 

841
00:29:06,134 --> 00:29:09,000
be a case for EU and us 
together to work in in in not 

842
00:29:09,000 --> 00:29:10,200
together to work in in in not 
buying some some some products 

843
00:29:10,200 --> 00:29:13,267
buying some some some products 
that are clearly. Coming from 

844
00:29:13,267 --> 00:29:15,500
that are clearly. Coming from 
slavery from labor camps in 

845
00:29:15,500 --> 00:29:16,699
slavery from labor camps in 
those conditions as well, so 

846
00:29:16,699 --> 00:29:18,299
those conditions as well, so 
there are things that we could 

847
00:29:18,299 --> 00:29:20,000
there are things that we could 
uh do together. But of course 

848
00:29:20,000 --> 00:29:22,767
uh do together. But of course 
we need to be We know we need 

849
00:29:22,767 --> 00:29:24,000
we need to be We know we need 
to be very clear and we need to 

850
00:29:24,000 --> 00:29:25,533
to be very clear and we need to 
be united because lack of that 

851
00:29:25,533 --> 00:29:27,767
be united because lack of that 
has led also to the rule and 

852
00:29:27,767 --> 00:29:31,367
has led also to the rule and 
divide and has made us. So, 

853
00:29:31,367 --> 00:29:33,801
divide and has made us. So, 
let’s let’s talk a bit about 

854
00:29:33,801 --> 00:29:35,367
let’s let’s talk a bit about 
the climate um unless Adam he 

855
00:29:35,367 --> 00:29:36,801
the climate um unless Adam he 
wanted to read further to 

856
00:29:36,801 --> 00:29:38,833
wanted to read further to 
towards towards the set. so 

857
00:29:38,833 --> 00:29:40,400
towards towards the set. so 
let’s move to the climate issue 

858
00:29:40,400 --> 00:29:41,967
let’s move to the climate issue 
because Cecilia you mentioned 

859
00:29:41,967 --> 00:29:45,033
because Cecilia you mentioned 
um of course um uh Paris um and 

860
00:29:45,033 --> 00:29:47,266
um of course um uh Paris um and 
uh and the cop process um and 

861
00:29:47,266 --> 00:29:49,234
uh and the cop process um and 
uh you know the the critical 

862
00:29:49,234 --> 00:29:51,401
uh you know the the critical 
importance of this for global 

863
00:29:51,401 --> 00:29:53,767
importance of this for global 
climate, but also for the use 

864
00:29:53,767 --> 00:29:55,666
climate, but also for the use 
view on the US um but of course 

865
00:29:55,666 --> 00:29:58,000
view on the US um but of course 
the big thing at the big talk 

866
00:29:58,000 --> 00:29:59,533
the big thing at the big talk 
in town in Brussels at the 

867
00:29:59,533 --> 00:30:03,834
in town in Brussels at the 
moment is about um uh the. Uh 

868
00:30:03,834 --> 00:30:05,467
moment is about um uh the. Uh 
green so-called green deal uh 

869
00:30:05,467 --> 00:30:08,201
green so-called green deal uh 
which is supposed to make the 

870
00:30:08,201 --> 00:30:10,734
which is supposed to make the 
carbon neutral by 2050 and has 

871
00:30:10,734 --> 00:30:13,233
carbon neutral by 2050 and has 
very ambitious goals for 2030 

872
00:30:13,233 --> 00:30:15,266
very ambitious goals for 2030 
when we shall see how whether 

873
00:30:15,266 --> 00:30:17,334
when we shall see how whether 
we will achieve those goals, 

874
00:30:17,334 --> 00:30:19,801
we will achieve those goals, 
but suppose we we will achieve 

875
00:30:19,801 --> 00:30:21,267
but suppose we we will achieve 
those goals um the critical 

876
00:30:21,267 --> 00:30:23,133
those goals um the critical 
component then is indeed carbon 

877
00:30:23,133 --> 00:30:24,600
component then is indeed carbon 
border adjustment um in other 

878
00:30:24,600 --> 00:30:28,367
border adjustment um in other 
words, mechanism to uh prevent 

879
00:30:28,367 --> 00:30:31,267
words, mechanism to uh prevent 
uh massive um leakage um of 

880
00:30:31,267 --> 00:30:33,899
uh massive um leakage um of 
carbon. Uh carbon intensive 

881
00:30:33,899 --> 00:30:36,134
carbon. Uh carbon intensive 
production um and there’s lots 

882
00:30:36,134 --> 00:30:37,833
production um and there’s lots 
of debate how strong this 

883
00:30:37,833 --> 00:30:39,933
of debate how strong this 
carbon leakage actually is, but 

884
00:30:39,933 --> 00:30:41,966
carbon leakage actually is, but 
uh, but it is a clear concern 

885
00:30:41,966 --> 00:30:43,000
uh, but it is a clear concern 
on the side of the European 

886
00:30:43,000 --> 00:30:45,367
on the side of the European 
policy makers and I think many 

887
00:30:45,367 --> 00:30:47,734
policy makers and I think many 
um uh argue at the moment that 

888
00:30:47,734 --> 00:30:49,333
um uh argue at the moment that 
with the Trump administration 

889
00:30:49,333 --> 00:30:50,000
with the Trump administration 
would be completely un feasible 

890
00:30:50,000 --> 00:30:53,167
would be completely un feasible 
to do something like this um uh 

891
00:30:53,167 --> 00:30:54,900
to do something like this um uh 
because uh because the 

892
00:30:54,900 --> 00:30:57,600
because uh because the 
political leverage um is just 

893
00:30:57,600 --> 00:30:59,734
political leverage um is just 
not there while with a Biden 

894
00:30:59,734 --> 00:31:01,667
not there while with a Biden 
administration um there might. 

895
00:31:01,667 --> 00:31:03,300
administration um there might. 
Some alignment and Adam you 

896
00:31:03,300 --> 00:31:05,367
Some alignment and Adam you 
mentioned that um the US will 

897
00:31:05,367 --> 00:31:07,300
mentioned that um the US will 
move more slowly um but still 

898
00:31:07,300 --> 00:31:09,467
move more slowly um but still 
will move so what could be a 

899
00:31:09,467 --> 00:31:11,467
will move so what could be a 
possible pathway here in terms 

900
00:31:11,467 --> 00:31:13,799
possible pathway here in terms 
of carbon border adjustment 

901
00:31:13,799 --> 00:31:17,867
of carbon border adjustment 
climate ambitions? um also b 

902
00:31:17,867 --> 00:31:21,267
climate ambitions? um also b 
the rest of the word. 

903
00:31:29,367 --> 00:31:34,867
So Ähm 

904
00:31:37,200 --> 00:31:39,167
the äh Ähm I don’t know what 

905
00:31:39,167 --> 00:31:41,300
the äh Ähm I don’t know what 
the ready and series. Der very 

906
00:31:41,300 --> 00:31:43,767
the ready and series. Der very 
serie seconames, Hugo Leave, 

907
00:31:43,767 --> 00:31:45,433
serie seconames, Hugo Leave, 
that the budarigers with taxis, 

908
00:31:45,433 --> 00:31:47,967
that the budarigers with taxis, 
not nass as are bittes X change 

909
00:31:47,967 --> 00:31:49,866
not nass as are bittes X change 
Ray on more, I don’t think 

910
00:31:49,866 --> 00:31:51,200
Ray on more, I don’t think 
that’s right it a politic we 

911
00:31:51,200 --> 00:31:53,234
that’s right it a politic we 
are can amacle but that are the 

912
00:31:53,234 --> 00:31:56,467
are can amacle but that are the 
meditativ and comst Of it’s 

913
00:31:56,467 --> 00:31:58,099
meditativ and comst Of it’s 
kinda like talking about 

914
00:31:58,099 --> 00:32:00,634
kinda like talking about 
dynamic alignment means Brexit. 

915
00:32:00,634 --> 00:32:03,334
dynamic alignment means Brexit. 
It has to be something that’s 

916
00:32:03,334 --> 00:32:05,067
It has to be something that’s 
not just what the rules are 

917
00:32:05,067 --> 00:32:07,000
not just what the rules are 
now. It has to be something 

918
00:32:07,000 --> 00:32:10,933
now. It has to be something 
that just over time as both the 

919
00:32:10,933 --> 00:32:12,600
that just over time as both the 
relative speed of demonization 

920
00:32:12,600 --> 00:32:13,867
relative speed of demonization 
takes place in different 

921
00:32:13,867 --> 00:32:15,500
takes place in different 
countries or different blocks, 

922
00:32:15,500 --> 00:32:17,867
countries or different blocks, 
but also as technological 

923
00:32:17,867 --> 00:32:19,466
but also as technological 
knowledge and popular standards 

924
00:32:19,466 --> 00:32:22,767
knowledge and popular standards 
go forward and so it’s not 

925
00:32:22,767 --> 00:32:24,467
go forward and so it’s not 
impossible to design. There are 

926
00:32:24,467 --> 00:32:24,900
impossible to design. There are 
blueprints out there. I know 

927
00:32:24,900 --> 00:32:26,899
blueprints out there. I know 
you have colleagues who’ve 

928
00:32:26,899 --> 00:32:28,367
you have colleagues who’ve 
worked on this. I know Cecilia 

929
00:32:28,367 --> 00:32:29,100
worked on this. I know Cecilia 
has colleagues in Sweden have 

930
00:32:29,100 --> 00:32:31,200
has colleagues in Sweden have 
worked on this but just to. 

931
00:32:31,200 --> 00:32:33,033
worked on this but just to. 
We’re a long way from brawling 

932
00:32:33,033 --> 00:32:34,667
We’re a long way from brawling 
that out even though the need 

933
00:32:34,667 --> 00:32:37,067
that out even though the need 
is quite imminent and I think 

934
00:32:37,067 --> 00:32:39,300
is quite imminent and I think 
that this is frankly some of 

935
00:32:39,300 --> 00:32:40,300
that this is frankly some of 
the places I want the Peterson 

936
00:32:40,300 --> 00:32:41,033
the places I want the Peterson 
Institute to do work in the 

937
00:32:41,033 --> 00:32:42,834
Institute to do work in the 
next year because I think it’s 

938
00:32:42,834 --> 00:32:44,800
next year because I think it’s 
an imminent need, but we’re not 

939
00:32:44,800 --> 00:32:46,766
an imminent need, but we’re not 
there yet and I’d love to hear 

940
00:32:46,766 --> 00:32:47,600
there yet and I’d love to hear 
either of you correct me and 

941
00:32:47,600 --> 00:32:49,334
either of you correct me and 
say no there’s a clear way to 

942
00:32:49,334 --> 00:32:52,234
say no there’s a clear way to 
go but that unfortunately, I 

943
00:32:52,234 --> 00:32:54,700
go but that unfortunately, I 
don’t think there is yet to see 

944
00:32:54,700 --> 00:32:57,034
don’t think there is yet to see 
well. I mean the EU certainly 

945
00:32:57,034 --> 00:32:59,133
well. I mean the EU certainly 
has put up very high standard 

946
00:32:59,133 --> 00:33:01,000
has put up very high standard 
on itself with the with the um 

947
00:33:01,000 --> 00:33:03,867
on itself with the with the um 
green deal, but also. The issue 

948
00:33:03,867 --> 00:33:06,233
green deal, but also. The issue 
of getting the recovery fund uh 

949
00:33:06,233 --> 00:33:08,000
of getting the recovery fund uh 
as green as possible with green 

950
00:33:08,000 --> 00:33:10,400
as green as possible with green 
bones, I mean this will break 

951
00:33:10,400 --> 00:33:12,467
bones, I mean this will break 
ground if that succeeds and 

952
00:33:12,467 --> 00:33:14,767
ground if that succeeds and 
having that this green recovery 

953
00:33:14,767 --> 00:33:17,267
having that this green recovery 
really mainstream everything it 

954
00:33:17,267 --> 00:33:20,434
really mainstream everything it 
does. so there’s some hope uh 

955
00:33:20,434 --> 00:33:22,433
does. so there’s some hope uh 
they’re definitely um and I 

956
00:33:22,433 --> 00:33:25,400
they’re definitely um and I 
think that the e us could 

957
00:33:25,400 --> 00:33:27,300
think that the e us could 
incorporate on a you know very 

958
00:33:27,300 --> 00:33:30,267
incorporate on a you know very 
basic areas on uh you know, 

959
00:33:30,267 --> 00:33:32,133
basic areas on uh you know, 
boost climate corporation we 

960
00:33:32,133 --> 00:33:34,299
boost climate corporation we 
could define Green standard. 

961
00:33:34,299 --> 00:33:35,334
could define Green standard. 
Join in because there aren’t 

962
00:33:35,334 --> 00:33:36,733
Join in because there aren’t 
any standards today, actually 

963
00:33:36,733 --> 00:33:38,000
any standards today, actually 
what is a green standard if we 

964
00:33:38,000 --> 00:33:40,700
what is a green standard if we 
set them together, we would we 

965
00:33:40,700 --> 00:33:43,967
set them together, we would we 
make uh global um it would be a 

966
00:33:43,967 --> 00:33:45,933
make uh global um it would be a 
global advantage here and if 

967
00:33:45,933 --> 00:33:49,767
global advantage here and if 
the US reins um the um the 

968
00:33:49,767 --> 00:33:50,700
the US reins um the um the 
Paris agreement uh definitely 

969
00:33:50,700 --> 00:33:52,934
Paris agreement uh definitely 
there has always even during 

970
00:33:52,934 --> 00:33:53,667
there has always even during 
this time, there’s been good 

971
00:33:53,667 --> 00:33:54,500
this time, there’s been good 
corporation with cities and 

972
00:33:54,500 --> 00:33:56,733
corporation with cities and 
states and individual companies 

973
00:33:56,733 --> 00:33:58,367
states and individual companies 
across the Atlantic and that 

974
00:33:58,367 --> 00:34:00,133
across the Atlantic and that 
will continue possibly getting 

975
00:34:00,133 --> 00:34:02,133
will continue possibly getting 
deeper on the border adjustment 

976
00:34:02,133 --> 00:34:03,367
deeper on the border adjustment 
tax that this is a thing that 

977
00:34:03,367 --> 00:34:04,967
tax that this is a thing that 
is a good thought, but it’s 

978
00:34:04,967 --> 00:34:06,600
is a good thought, but it’s 
really hard to make in practice 

979
00:34:06,600 --> 00:34:07,499
really hard to make in practice 
because you need to make it 

980
00:34:07,499 --> 00:34:08,066
because you need to make it 
work. You need to make sure 

981
00:34:08,066 --> 00:34:10,467
work. You need to make sure 
that it’s compact. And you need 

982
00:34:10,467 --> 00:34:12,700
that it’s compact. And you need 
to make sure that you don’t do 

983
00:34:12,700 --> 00:34:15,267
to make sure that you don’t do 
that in a way to sort of um 

984
00:34:15,267 --> 00:34:16,733
that in a way to sort of um 
distance your your allies, but 

985
00:34:16,733 --> 00:34:19,234
distance your your allies, but 
you do it together with a 

986
00:34:19,234 --> 00:34:20,767
you do it together with a 
possibly you could start um by 

987
00:34:20,767 --> 00:34:23,234
possibly you could start um by 
sectors there there uh a 

988
00:34:23,234 --> 00:34:24,933
sectors there there uh a 
proposal to start with steel, 

989
00:34:24,933 --> 00:34:26,133
proposal to start with steel, 
for instance, and this could be 

990
00:34:26,133 --> 00:34:28,899
for instance, and this could be 
done on the on the with with 

991
00:34:28,899 --> 00:34:31,167
done on the on the with with 
like minded countries. uh as 

992
00:34:31,167 --> 00:34:32,133
like minded countries. uh as 
well, I know that many sharp 

993
00:34:32,133 --> 00:34:34,334
well, I know that many sharp 
brains are working on how to 

994
00:34:34,334 --> 00:34:36,000
brains are working on how to 
design this and it is going to 

995
00:34:36,000 --> 00:34:38,033
design this and it is going to 
be tricky to do it. and if we 

996
00:34:38,033 --> 00:34:39,767
be tricky to do it. and if we 
don’t do that then. 

997
00:34:39,767 --> 00:34:41,333
don’t do that then. 
Transparency and incorporation 

998
00:34:41,333 --> 00:34:43,367
Transparency and incorporation 
with our American friends we 

999
00:34:43,367 --> 00:34:44,800
with our American friends we 
risk to alienate um them and 

1000
00:34:44,800 --> 00:34:45,867
risk to alienate um them and 
there are many countries in the 

1001
00:34:45,867 --> 00:34:47,400
there are many countries in the 
world who are discussing this 

1002
00:34:47,400 --> 00:34:48,733
world who are discussing this 
right now, so we need to do it 

1003
00:34:48,733 --> 00:34:51,200
right now, so we need to do it 
jointly in if not on a global 

1004
00:34:51,200 --> 00:34:52,867
jointly in if not on a global 
level, maybe but, at least with 

1005
00:34:52,867 --> 00:34:54,800
level, maybe but, at least with 
with some allies as well to see 

1006
00:34:54,800 --> 00:34:55,967
with some allies as well to see 
how we can do this in a way 

1007
00:34:55,967 --> 00:34:57,967
how we can do this in a way 
that is fair that achieves its 

1008
00:34:57,967 --> 00:34:59,700
that is fair that achieves its 
purpose and that is compatible 

1009
00:34:59,700 --> 00:35:01,401
purpose and that is compatible 
with international roots. I 

1010
00:35:01,401 --> 00:35:02,766
with international roots. I 
don’t have that solution. I 

1011
00:35:02,766 --> 00:35:04,867
don’t have that solution. I 
think it is, but let’s not rush 

1012
00:35:04,867 --> 00:35:06,234
think it is, but let’s not rush 
it because we need to get that 

1013
00:35:06,234 --> 00:35:07,933
it because we need to get that 
right and we need to do it for 

1014
00:35:07,933 --> 00:35:09,867
right and we need to do it for 
the environment not to get new 

1015
00:35:09,867 --> 00:35:14,533
the environment not to get new 
money for the. So before I turn 

1016
00:35:14,533 --> 00:35:15,734
money for the. So before I turn 
to the questions from the 

1017
00:35:15,734 --> 00:35:17,467
to the questions from the 
audience, um perhaps we can 

1018
00:35:17,467 --> 00:35:19,767
audience, um perhaps we can 
spend a few more minutes on the 

1019
00:35:19,767 --> 00:35:21,266
spend a few more minutes on the 
WT uh the World Trade 

1020
00:35:21,266 --> 00:35:23,067
WT uh the World Trade 
Organization and the reform and 

1021
00:35:23,067 --> 00:35:25,167
Organization and the reform and 
um the revival potential 

1022
00:35:25,167 --> 00:35:28,899
um the revival potential 
revival or not um uh post post 

1023
00:35:28,899 --> 00:35:30,833
revival or not um uh post post 
US election. um Adam you 

1024
00:35:30,833 --> 00:35:32,833
US election. um Adam you 
already discussed a bit um but 

1025
00:35:32,833 --> 00:35:35,033
already discussed a bit um but 
of course, um if you could 

1026
00:35:35,033 --> 00:35:37,266
of course, um if you could 
enlarge a bit more on uh where 

1027
00:35:37,266 --> 00:35:40,000
enlarge a bit more on uh where 
you see um a new administration 

1028
00:35:40,000 --> 00:35:43,000
you see um a new administration 
put the emphasis for example as 

1029
00:35:43,000 --> 00:35:45,667
put the emphasis for example as 
regards. All the reform 

1030
00:35:45,667 --> 00:35:47,034
regards. All the reform 
discussion um and the dealing 

1031
00:35:47,034 --> 00:35:49,600
discussion um and the dealing 
with uh state subsidies in 

1032
00:35:49,600 --> 00:35:52,266
with uh state subsidies in 
China uh I think that’s that’s 

1033
00:35:52,266 --> 00:35:53,667
China uh I think that’s that’s 
171. I mentioned that I think a 

1034
00:35:53,667 --> 00:35:55,000
171. I mentioned that I think a 
lot of listeners would be 

1035
00:35:55,000 --> 00:35:56,666
lot of listeners would be 
interested in and similarly for 

1036
00:35:56,666 --> 00:35:58,867
interested in and similarly for 
you, Cecilia I mean um where we 

1037
00:35:58,867 --> 00:36:02,767
you, Cecilia I mean um where we 
have we are now creating this 

1038
00:36:02,767 --> 00:36:05,866
have we are now creating this 
body um outside um the main Wt 

1039
00:36:05,866 --> 00:36:08,233
body um outside um the main Wt 
without the US would that be 

1040
00:36:08,233 --> 00:36:10,933
without the US would that be 
close down um uh once we have a 

1041
00:36:10,933 --> 00:36:11,667
close down um uh once we have a 
Biden administration and we 

1042
00:36:11,667 --> 00:36:15,034
Biden administration and we 
will get back um. Um the the US 

1043
00:36:15,034 --> 00:36:17,500
will get back um. Um the the US 
and the judges in the W so that 

1044
00:36:17,500 --> 00:36:19,067
and the judges in the W so that 
um you know, basically things 

1045
00:36:19,067 --> 00:36:20,666
um you know, basically things 
go back to the as they were 

1046
00:36:20,666 --> 00:36:22,867
go back to the as they were 
before or will we go to a very 

1047
00:36:22,867 --> 00:36:27,266
before or will we go to a very 
different WW 2.00 w 2.00. 2.03 

1048
00:36:27,266 --> 00:36:29,967
different WW 2.00 w 2.00. 2.03 
.00 uh post Biden I’d I’d like 

1049
00:36:29,967 --> 00:36:31,733
.00 uh post Biden I’d I’d like 
to get directions from both of 

1050
00:36:31,733 --> 00:36:35,166
to get directions from both of 
you on the Wt. um again, Adam 

1051
00:36:35,166 --> 00:36:38,666
you on the Wt. um again, Adam 
first happy first but anyway, 

1052
00:36:38,666 --> 00:36:40,433
first happy first but anyway, 
my views and WT are heavily 

1053
00:36:40,433 --> 00:36:41,834
my views and WT are heavily 
influenced by my colleagues at 

1054
00:36:41,834 --> 00:36:44,667
influenced by my colleagues at 
Peterson. Bound Annabelle 

1055
00:36:44,667 --> 00:36:46,667
Peterson. Bound Annabelle 
Gonzales, Gary Huff shot who 

1056
00:36:46,667 --> 00:36:47,699
Gonzales, Gary Huff shot who 
are known to all of you and who 

1057
00:36:47,699 --> 00:36:51,100
are known to all of you and who 
to work with and on the WT I 

1058
00:36:51,100 --> 00:36:53,267
to work with and on the WT I 
think the in terms of what’s 

1059
00:36:53,267 --> 00:36:54,667
think the in terms of what’s 
specifically going to be 

1060
00:36:54,667 --> 00:36:56,199
specifically going to be 
proposed, is I tried to say 

1061
00:36:56,199 --> 00:36:57,867
proposed, is I tried to say 
earlier and I’ll be interested 

1062
00:36:57,867 --> 00:37:00,433
earlier and I’ll be interested 
Cecilia response I think the 

1063
00:37:00,433 --> 00:37:01,667
Cecilia response I think the 
existence of the alternative 

1064
00:37:01,667 --> 00:37:04,467
existence of the alternative 
appellate body will help push 

1065
00:37:04,467 --> 00:37:05,967
appellate body will help push 
the US back in, but it’s going 

1066
00:37:05,967 --> 00:37:08,900
the US back in, but it’s going 
to us for domestic political 

1067
00:37:08,900 --> 00:37:09,933
to us for domestic political 
reasons and because of 

1068
00:37:09,933 --> 00:37:10,967
reasons and because of 
frustration here is going to 

1069
00:37:10,967 --> 00:37:13,800
frustration here is going to 
have to get some. About the 

1070
00:37:13,800 --> 00:37:16,266
have to get some. About the 
speed of which decisions are 

1071
00:37:16,266 --> 00:37:18,533
speed of which decisions are 
made something about the 

1072
00:37:18,533 --> 00:37:23,334
made something about the 
ability to uh bring cases in 

1073
00:37:23,334 --> 00:37:25,900
ability to uh bring cases in 
about behind the border issues 

1074
00:37:25,900 --> 00:37:28,467
about behind the border issues 
and this is very tricky and as 

1075
00:37:28,467 --> 00:37:29,967
and this is very tricky and as 
my colleagues have pointed out, 

1076
00:37:29,967 --> 00:37:31,534
my colleagues have pointed out, 
you’re all aware the US is 

1077
00:37:31,534 --> 00:37:32,767
you’re all aware the US is 
actually done very well for the 

1078
00:37:32,767 --> 00:37:34,299
actually done very well for the 
most part in front of the 

1079
00:37:34,299 --> 00:37:35,000
most part in front of the 
appellate body, and there have 

1080
00:37:35,000 --> 00:37:37,734
appellate body, and there have 
been a number of cases against 

1081
00:37:37,734 --> 00:37:40,233
been a number of cases against 
China that have been judged 

1082
00:37:40,233 --> 00:37:41,333
China that have been judged 
against China so that can’t be 

1083
00:37:41,333 --> 00:37:43,833
against China so that can’t be 
what they ask. Then there will 

1084
00:37:43,833 --> 00:37:46,767
what they ask. Then there will 
be the issue of enforcement so 

1085
00:37:46,767 --> 00:37:48,234
be the issue of enforcement so 
particularly infamous example 

1086
00:37:48,234 --> 00:37:52,600
particularly infamous example 
is that uh visa Mastercard the 

1087
00:37:52,600 --> 00:37:54,867
is that uh visa Mastercard the 
large um credit card 

1088
00:37:54,867 --> 00:37:55,667
large um credit card 
processors, which you may or 

1089
00:37:55,667 --> 00:37:56,734
processors, which you may or 
may not like for various 

1090
00:37:56,734 --> 00:37:58,299
may not like for various 
reasons, but they had a very 

1091
00:37:58,299 --> 00:37:59,834
reasons, but they had a very 
legitimate case that they were 

1092
00:37:59,834 --> 00:38:02,299
legitimate case that they were 
being shut out of China in 

1093
00:38:02,299 --> 00:38:04,334
being shut out of China in 
Contrave of Wt agreements to 

1094
00:38:04,334 --> 00:38:06,700
Contrave of Wt agreements to 
bolster union paid the domestic 

1095
00:38:06,700 --> 00:38:09,899
bolster union paid the domestic 
Chinese competitor and despite 

1096
00:38:09,899 --> 00:38:11,167
Chinese competitor and despite 
repeated Wt rulings, they’ve 

1097
00:38:11,167 --> 00:38:14,800
repeated Wt rulings, they’ve 
gotten. Little actual relief or 

1098
00:38:14,800 --> 00:38:16,834
gotten. Little actual relief or 
conformity, I mean, that’s one 

1099
00:38:16,834 --> 00:38:19,000
conformity, I mean, that’s one 
example um there are others and 

1100
00:38:19,000 --> 00:38:21,334
example um there are others and 
so as with this is something 

1101
00:38:21,334 --> 00:38:22,066
so as with this is something 
Democrats and Congress people 

1102
00:38:22,066 --> 00:38:24,467
Democrats and Congress people 
in general are very big on is 

1103
00:38:24,467 --> 00:38:26,033
in general are very big on is 
the idea of enforcement and 

1104
00:38:26,033 --> 00:38:28,234
the idea of enforcement and 
trade agreements. And so I 

1105
00:38:28,234 --> 00:38:29,833
trade agreements. And so I 
think that’s going to be where 

1106
00:38:29,833 --> 00:38:32,234
think that’s going to be where 
the action is and that’s gonna 

1107
00:38:32,234 --> 00:38:34,801
the action is and that’s gonna 
be. That’s new for Wt because 

1108
00:38:34,801 --> 00:38:36,266
be. That’s new for Wt because 
most people comply most 

1109
00:38:36,266 --> 00:38:38,033
most people comply most 
countries comply with the 

1110
00:38:38,033 --> 00:38:40,367
countries comply with the 
decisions um in the US has 

1111
00:38:40,367 --> 00:38:41,667
decisions um in the US has 
actually been bad about 

1112
00:38:41,667 --> 00:38:43,967
actually been bad about 
complying in recent years as 

1113
00:38:43,967 --> 00:38:45,267
complying in recent years as 
opposed to others. But so 

1114
00:38:45,267 --> 00:38:46,633
opposed to others. But so 
that’s where. I think the the 

1115
00:38:46,633 --> 00:38:48,633
that’s where. I think the the 
the rhetorical and political 

1116
00:38:48,633 --> 00:38:50,367
the rhetorical and political 
emphasis would be the other 

1117
00:38:50,367 --> 00:38:53,699
emphasis would be the other 
thing I want to say, though is 

1118
00:38:53,699 --> 00:38:55,500
thing I want to say, though is 
we are very studio said nothing 

1119
00:38:55,500 --> 00:38:56,834
we are very studio said nothing 
about a multilateral round 

1120
00:38:56,834 --> 00:38:59,767
about a multilateral round 
about a big trade route and I 

1121
00:38:59,767 --> 00:39:02,201
about a big trade route and I 
think that’s fine because it’s 

1122
00:39:02,201 --> 00:39:04,033
think that’s fine because it’s 
realistic and because Wt serves 

1123
00:39:04,033 --> 00:39:06,467
realistic and because Wt serves 
a lot of useful purposes 

1124
00:39:06,467 --> 00:39:10,300
a lot of useful purposes 
without that. But I think the 

1125
00:39:10,300 --> 00:39:11,801
without that. But I think the 
American feelings of 

1126
00:39:11,801 --> 00:39:13,900
American feelings of 
frustration of the WT, which 

1127
00:39:13,900 --> 00:39:15,900
frustration of the WT, which 
really date back to the first 

1128
00:39:15,900 --> 00:39:17,867
really date back to the first 
even. The end of the first term 

1129
00:39:17,867 --> 00:39:19,567
even. The end of the first term 
of Obama certainly the second 

1130
00:39:19,567 --> 00:39:21,767
of Obama certainly the second 
term of Obama had a lot to do 

1131
00:39:21,767 --> 00:39:24,801
term of Obama had a lot to do 
with the frustrations of India, 

1132
00:39:24,801 --> 00:39:25,967
with the frustrations of India, 
Brazil and other individual 

1133
00:39:25,967 --> 00:39:28,400
Brazil and other individual 
countries blocking any kind of 

1134
00:39:28,400 --> 00:39:29,734
countries blocking any kind of 
progress on a multilateral 

1135
00:39:29,734 --> 00:39:31,633
progress on a multilateral 
round. and so there is gonna be 

1136
00:39:31,633 --> 00:39:33,199
round. and so there is gonna be 
a bit of a political navigation 

1137
00:39:33,199 --> 00:39:35,267
a bit of a political navigation 
to say we want to have the Wt 

1138
00:39:35,267 --> 00:39:37,733
to say we want to have the Wt 
work we wanna be back back in, 

1139
00:39:37,733 --> 00:39:39,400
work we wanna be back back in, 
but not promising that it’s 

1140
00:39:39,400 --> 00:39:40,934
but not promising that it’s 
gonna lead to the next Tokyo 

1141
00:39:40,934 --> 00:39:43,367
gonna lead to the next Tokyo 
rounds or the next development 

1142
00:39:43,367 --> 00:39:45,234
rounds or the next development 
round because that’s just not 

1143
00:39:45,234 --> 00:39:49,400
round because that’s just not 
realistically on offered. What 

1144
00:39:49,400 --> 00:39:51,334
realistically on offered. What 
has been in trouble for a long 

1145
00:39:51,334 --> 00:39:54,233
has been in trouble for a long 
time uh of course and um but 

1146
00:39:54,233 --> 00:39:55,966
time uh of course and um but 
very soon in a couple of weeks, 

1147
00:39:55,966 --> 00:39:57,433
very soon in a couple of weeks, 
hopefully member states will 

1148
00:39:57,433 --> 00:39:58,466
hopefully member states will 
agree on a new director 

1149
00:39:58,466 --> 00:39:59,867
agree on a new director 
general, It would be a woman 

1150
00:39:59,867 --> 00:40:01,434
general, It would be a woman 
for the first time both uh 

1151
00:40:01,434 --> 00:40:03,267
for the first time both uh 
remaining two candidates are 

1152
00:40:03,267 --> 00:40:03,967
remaining two candidates are 
excellence, so that means 

1153
00:40:03,967 --> 00:40:05,467
excellence, so that means 
probably that things can get 

1154
00:40:05,467 --> 00:40:08,866
probably that things can get 
done um and uh that there is a 

1155
00:40:08,866 --> 00:40:10,367
done um and uh that there is a 
big reform agenda to address 

1156
00:40:10,367 --> 00:40:11,867
big reform agenda to address 
obviously this will take time 

1157
00:40:11,867 --> 00:40:13,534
obviously this will take time 
because it needs to be reformed 

1158
00:40:13,534 --> 00:40:15,533
because it needs to be reformed 
both in the daily work in the 

1159
00:40:15,533 --> 00:40:17,667
both in the daily work in the 
issues of transparency in the 

1160
00:40:17,667 --> 00:40:19,634
issues of transparency in the 
issues of getting things done 

1161
00:40:19,634 --> 00:40:21,000
issues of getting things done 
updating the rules and also 

1162
00:40:21,000 --> 00:40:23,333
updating the rules and also 
that. The issue of what is a 

1163
00:40:23,333 --> 00:40:25,199
that. The issue of what is a 
developing country, and what is 

1164
00:40:25,199 --> 00:40:27,433
developing country, and what is 
a devoted country uh and that 

1165
00:40:27,433 --> 00:40:29,466
a devoted country uh and that 
really needs to be addressed 

1166
00:40:29,466 --> 00:40:31,600
really needs to be addressed 
and on some of these matters, 

1167
00:40:31,600 --> 00:40:35,467
and on some of these matters, 
EU and us have aligned use and 

1168
00:40:35,467 --> 00:40:37,200
EU and us have aligned use and 
could I think the eternity of 

1169
00:40:37,200 --> 00:40:39,400
could I think the eternity of 
the body is there to stay for a 

1170
00:40:39,400 --> 00:40:41,266
the body is there to stay for a 
while? uh at least to be an 

1171
00:40:41,266 --> 00:40:43,401
while? uh at least to be an 
alternative until there is some 

1172
00:40:43,401 --> 00:40:45,233
alternative until there is some 
renewal of the original thought 

1173
00:40:45,233 --> 00:40:47,167
renewal of the original thought 
to uplift body would try to get 

1174
00:40:47,167 --> 00:40:49,400
to uplift body would try to get 
us thoughts on that, But it 

1175
00:40:49,400 --> 00:40:51,467
us thoughts on that, But it 
hasn’t really moved that. We 

1176
00:40:51,467 --> 00:40:53,767
hasn’t really moved that. We 
are engaged in finding a 

1177
00:40:53,767 --> 00:40:55,367
are engaged in finding a 
solution that because the 

1178
00:40:55,367 --> 00:40:56,434
solution that because the 
alternative isn’t at-home 

1179
00:40:56,434 --> 00:40:59,067
alternative isn’t at-home 
solution, but at least is there 

1180
00:40:59,067 --> 00:41:01,900
solution, but at least is there 
are common grounds to get some 

1181
00:41:01,900 --> 00:41:03,266
are common grounds to get some 
increase transparency in the 

1182
00:41:03,266 --> 00:41:04,900
increase transparency in the 
institution there us have also 

1183
00:41:04,900 --> 00:41:07,234
institution there us have also 
moist the same concerns as many 

1184
00:41:07,234 --> 00:41:09,866
moist the same concerns as many 
other like-minded the issue of 

1185
00:41:09,866 --> 00:41:12,866
other like-minded the issue of 
the lateral deals on um on uh 

1186
00:41:12,866 --> 00:41:15,066
the lateral deals on um on uh 
digital is there and I think 

1187
00:41:15,066 --> 00:41:16,666
digital is there and I think 
that there are difficulties 

1188
00:41:16,666 --> 00:41:18,534
that there are difficulties 
there both in the in the US, 

1189
00:41:18,534 --> 00:41:22,266
there both in the in the US, 
but maybe we can move. Services 

1190
00:41:22,266 --> 00:41:24,299
but maybe we can move. Services 
let’s try to have a look at 

1191
00:41:24,299 --> 00:41:25,799
let’s try to have a look at 
that fisheries is an issue 

1192
00:41:25,799 --> 00:41:28,467
that fisheries is an issue 
where definitely we we need to 

1193
00:41:28,467 --> 00:41:29,933
where definitely we we need to 
move and this is old, promised 

1194
00:41:29,933 --> 00:41:33,866
move and this is old, promised 
by who has not uh delivered and 

1195
00:41:33,866 --> 00:41:35,434
by who has not uh delivered and 
it should should do and as I 

1196
00:41:35,434 --> 00:41:36,800
it should should do and as I 
said in the beginning, getting 

1197
00:41:36,800 --> 00:41:39,467
said in the beginning, getting 
some way see if we can take out 

1198
00:41:39,467 --> 00:41:42,367
some way see if we can take out 
to the face of disagree this 

1199
00:41:42,367 --> 00:41:43,233
to the face of disagree this 
negotiations are on the 

1200
00:41:43,233 --> 00:41:44,534
negotiations are on the 
environmental goods where I 

1201
00:41:44,534 --> 00:41:46,400
environmental goods where I 
know that the US industry and 

1202
00:41:46,400 --> 00:41:47,500
know that the US industry and 
business communities eager 

1203
00:41:47,500 --> 00:41:49,033
business communities eager 
because they have lots of 

1204
00:41:49,033 --> 00:41:50,400
because they have lots of 
things to gain from that so 

1205
00:41:50,400 --> 00:41:52,899
things to gain from that so 
with a little bit of 

1206
00:41:52,899 --> 00:41:53,800
with a little bit of 
willingness, there are things 

1207
00:41:53,800 --> 00:41:55,433
willingness, there are things 
to be done there. Where we 

1208
00:41:55,433 --> 00:41:59,333
to be done there. Where we 
could uh work together um uh us 

1209
00:41:59,333 --> 00:42:02,699
could uh work together um uh us 
and and I do not in any way 

1210
00:42:02,699 --> 00:42:03,400
and and I do not in any way 
underestimate the difficulties 

1211
00:42:03,400 --> 00:42:04,834
underestimate the difficulties 
I’ve been banging my head into 

1212
00:42:04,834 --> 00:42:07,034
I’ve been banging my head into 
the world for years to try to 

1213
00:42:07,034 --> 00:42:08,900
the world for years to try to 
do that. But there are also a 

1214
00:42:08,900 --> 00:42:10,834
do that. But there are also a 
lot of countries who are 

1215
00:42:10,834 --> 00:42:12,634
lot of countries who are 
like-minded and what’s the the 

1216
00:42:12,634 --> 00:42:14,899
like-minded and what’s the the 
job to work and who are willing 

1217
00:42:14,899 --> 00:42:16,800
job to work and who are willing 
to walk that extra mile to do 

1218
00:42:16,800 --> 00:42:19,000
to walk that extra mile to do 
an effort because of the 

1219
00:42:19,000 --> 00:42:19,734
an effort because of the 
alternative and we’ve seen that 

1220
00:42:19,734 --> 00:42:20,867
alternative and we’ve seen that 
with the weakening of 

1221
00:42:20,867 --> 00:42:22,533
with the weakening of 
international organizations if 

1222
00:42:22,533 --> 00:42:23,533
international organizations if 
collapses there will be the 

1223
00:42:23,533 --> 00:42:25,966
collapses there will be the 
total white. West Uh and that’s 

1224
00:42:25,966 --> 00:42:28,199
total white. West Uh and that’s 
our good for anybody so 

1225
00:42:28,199 --> 00:42:29,934
our good for anybody so 
hopefully with the new reader 

1226
00:42:29,934 --> 00:42:32,367
hopefully with the new reader 
and the new new input in that 

1227
00:42:32,367 --> 00:42:33,767
and the new new input in that 
we could get a few things done 

1228
00:42:33,767 --> 00:42:34,867
we could get a few things done 
to show that there’s still life 

1229
00:42:34,867 --> 00:42:36,466
to show that there’s still life 
in the organization and 

1230
00:42:36,466 --> 00:42:37,967
in the organization and 
Year-round Yes, but not now we 

1231
00:42:37,967 --> 00:42:43,167
Year-round Yes, but not now we 
need to get some of the basic 

1232
00:42:43,167 --> 00:42:44,433
need to get some of the basic 
stabilized. uh first okay. 

1233
00:42:44,433 --> 00:42:45,733
stabilized. uh first okay. 
let’s take some uh some 

1234
00:42:45,733 --> 00:42:47,200
let’s take some uh some 
questions from the audience um 

1235
00:42:47,200 --> 00:42:50,334
questions from the audience um 
uh and um uh so so one uh one 

1236
00:42:50,334 --> 00:42:52,867
uh and um uh so so one uh one 
question I got here is on trade 

1237
00:42:52,867 --> 00:42:55,133
question I got here is on trade 
in tech and digital services 

1238
00:42:55,133 --> 00:42:57,900
in tech and digital services 
and digital trade um and uh you 

1239
00:42:57,900 --> 00:42:58,866
and digital trade um and uh you 
know the question how the Biden 

1240
00:42:58,866 --> 00:43:00,634
know the question how the Biden 
administration would handle. 

1241
00:43:00,634 --> 00:43:03,533
administration would handle. 
Could handle uh the European 

1242
00:43:03,533 --> 00:43:05,134
Could handle uh the European 
Data Protection Regulation, 

1243
00:43:05,134 --> 00:43:08,533
Data Protection Regulation, 
GDPR and um um the US would 

1244
00:43:08,533 --> 00:43:11,233
GDPR and um um the US would 
also handle uh us tech giants 

1245
00:43:11,233 --> 00:43:12,899
also handle uh us tech giants 
the um and what would the 

1246
00:43:12,899 --> 00:43:16,267
the um and what would the 
second term do for those 

1247
00:43:16,267 --> 00:43:18,434
second term do for those 
companies and the relation with 

1248
00:43:18,434 --> 00:43:21,133
companies and the relation with 
European Union Anyone wanna 

1249
00:43:21,133 --> 00:43:22,099
European Union Anyone wanna 
take that question Pep Cecilia 

1250
00:43:22,099 --> 00:43:24,367
take that question Pep Cecilia 
You want to start quickly and 

1251
00:43:24,367 --> 00:43:26,433
You want to start quickly and 
then Adam well, this is very 

1252
00:43:26,433 --> 00:43:28,400
then Adam well, this is very 
much about a debate domestic 

1253
00:43:28,400 --> 00:43:30,533
much about a debate domestic 
debate in the US. This has to 

1254
00:43:30,533 --> 00:43:32,533
debate in the US. This has to 
be addressed of course, as I 

1255
00:43:32,533 --> 00:43:34,333
be addressed of course, as I 
said on digital trade there are 

1256
00:43:34,333 --> 00:43:38,333
said on digital trade there are 
things to be. Uh we have the 

1257
00:43:38,333 --> 00:43:41,000
things to be. Uh we have the 
GDPR um but uh this is also 

1258
00:43:41,000 --> 00:43:42,300
GDPR um but uh this is also 
something that is gaining 

1259
00:43:42,300 --> 00:43:44,166
something that is gaining 
increased as people start to 

1260
00:43:44,166 --> 00:43:46,401
increased as people start to 
realize what is really about. 

1261
00:43:46,401 --> 00:43:47,900
realize what is really about. 
Uh I mean we see similar 

1262
00:43:47,900 --> 00:43:49,333
Uh I mean we see similar 
tendencies in other countries 

1263
00:43:49,333 --> 00:43:51,467
tendencies in other countries 
as well to set up data uh 

1264
00:43:51,467 --> 00:43:53,566
as well to set up data uh 
protection and there’s a debate 

1265
00:43:53,566 --> 00:43:55,300
protection and there’s a debate 
also in the US to have 

1266
00:43:55,300 --> 00:43:57,067
also in the US to have 
something that is predictable 

1267
00:43:57,067 --> 00:43:59,333
something that is predictable 
and that is uh visible to 

1268
00:43:59,333 --> 00:44:00,166
and that is uh visible to 
protect citizens, but it 

1269
00:44:00,166 --> 00:44:01,399
protect citizens, but it 
should, of course not protect 

1270
00:44:01,399 --> 00:44:03,799
should, of course not protect 
uh should not hinder trade in 

1271
00:44:03,799 --> 00:44:05,233
uh should not hinder trade in 
digital issues and there I 

1272
00:44:05,233 --> 00:44:07,534
digital issues and there I 
think we can all do uh to do 

1273
00:44:07,534 --> 00:44:10,666
think we can all do uh to do 
more. Uh when it comes to the 

1274
00:44:10,666 --> 00:44:12,467
more. Uh when it comes to the 
big tech well uh I have not 

1275
00:44:12,467 --> 00:44:14,700
big tech well uh I have not 
really seen uh what’s in the 

1276
00:44:14,700 --> 00:44:15,966
really seen uh what’s in the 
bidding programs. I’m waiting 

1277
00:44:15,966 --> 00:44:17,967
bidding programs. I’m waiting 
for Adam to um to dwell upon 

1278
00:44:17,967 --> 00:44:20,166
for Adam to um to dwell upon 
that, but if he has said 

1279
00:44:20,166 --> 00:44:20,700
that, but if he has said 
anything, but that is, of 

1280
00:44:20,700 --> 00:44:21,933
anything, but that is, of 
course an issue that will not 

1281
00:44:21,933 --> 00:44:23,300
course an issue that will not 
disappear and that is also 

1282
00:44:23,300 --> 00:44:25,267
disappear and that is also 
linked to what I mentioned 10 

1283
00:44:25,267 --> 00:44:27,000
linked to what I mentioned 10 
minutes ago on the corporate 

1284
00:44:27,000 --> 00:44:28,634
minutes ago on the corporate 
digital tax, the work that is 

1285
00:44:28,634 --> 00:44:31,267
digital tax, the work that is 
being done there and where EU 

1286
00:44:31,267 --> 00:44:33,234
being done there and where EU 
is very eager to get some sort 

1287
00:44:33,234 --> 00:44:36,799
is very eager to get some sort 
of global deal uh if ideal, but 

1288
00:44:36,799 --> 00:44:38,033
of global deal uh if ideal, but 
otherwise um some countries are 

1289
00:44:38,033 --> 00:44:40,866
otherwise um some countries are 
really pushing. To get an e and 

1290
00:44:40,866 --> 00:44:43,400
really pushing. To get an e and 
that will then be you know 

1291
00:44:43,400 --> 00:44:44,967
that will then be you know 
going further, but it would be 

1292
00:44:44,967 --> 00:44:46,800
going further, but it would be 
the EU uh and it would be 

1293
00:44:46,800 --> 00:44:48,400
the EU uh and it would be 
better of course if you could 

1294
00:44:48,400 --> 00:44:50,867
better of course if you could 
align more than a 100 countries 

1295
00:44:50,867 --> 00:44:52,334
align more than a 100 countries 
to some new, you know tax 

1296
00:44:52,334 --> 00:44:55,233
to some new, you know tax 
global tax regime for the 21st 

1297
00:44:55,233 --> 00:44:57,034
global tax regime for the 21st 
century would be something much 

1298
00:44:57,034 --> 00:44:59,034
century would be something much 
better and if we don’t succeed 

1299
00:44:59,034 --> 00:45:03,266
better and if we don’t succeed 
there, this will be pushed um. 

1300
00:45:03,266 --> 00:45:05,133
there, this will be pushed um. 
Around the summer next year, I 

1301
00:45:05,133 --> 00:45:09,666
Around the summer next year, I 
think wonderful um I’m actually 

1302
00:45:09,666 --> 00:45:11,967
think wonderful um I’m actually 
reasonably optimistic on this 

1303
00:45:11,967 --> 00:45:14,299
reasonably optimistic on this 
set of issues um about moving 

1304
00:45:14,299 --> 00:45:15,700
set of issues um about moving 
towards international 

1305
00:45:15,700 --> 00:45:16,966
towards international 
cooperation and good sense. Uh 

1306
00:45:16,966 --> 00:45:19,867
cooperation and good sense. Uh 
if Biden gets in because these 

1307
00:45:19,867 --> 00:45:22,201
if Biden gets in because these 
are issues where the political 

1308
00:45:22,201 --> 00:45:23,766
are issues where the political 
impetus of the population and 

1309
00:45:23,766 --> 00:45:25,167
impetus of the population and 
the left wing of the party 

1310
00:45:25,167 --> 00:45:27,767
the left wing of the party 
actually does overlap with the 

1311
00:45:27,767 --> 00:45:30,200
actually does overlap with the 
economic democratic aspects um 

1312
00:45:30,200 --> 00:45:32,734
economic democratic aspects um 
and Biden’s team seems to 

1313
00:45:32,734 --> 00:45:33,434
and Biden’s team seems to 
understand this very well there 

1314
00:45:33,434 --> 00:45:36,367
understand this very well there 
will be lots of. Conspiracy 

1315
00:45:36,367 --> 00:45:37,267
will be lots of. Conspiracy 
theories about you know how 

1316
00:45:37,267 --> 00:45:39,334
theories about you know how 
much is he in this tech with 

1317
00:45:39,334 --> 00:45:43,266
much is he in this tech with 
him or not? I think the reality 

1318
00:45:43,266 --> 00:45:45,200
him or not? I think the reality 
is that as Cecilia said, what 

1319
00:45:45,200 --> 00:45:47,200
is that as Cecilia said, what 
the interest in GDPR, I mean, 

1320
00:45:47,200 --> 00:45:48,567
the interest in GDPR, I mean, 
we got a bunch of American 

1321
00:45:48,567 --> 00:45:51,401
we got a bunch of American 
people now who are envious of 

1322
00:45:51,401 --> 00:45:53,967
people now who are envious of 
GDP um and similar privacy 

1323
00:45:53,967 --> 00:45:56,867
GDP um and similar privacy 
rights um and so you know again 

1324
00:45:56,867 --> 00:45:58,967
rights um and so you know again 
will the US completely converge 

1325
00:45:58,967 --> 00:45:59,867
will the US completely converge 
on European solution even if I 

1326
00:45:59,867 --> 00:46:02,733
on European solution even if I 
want them to the answers, no, 

1327
00:46:02,733 --> 00:46:04,467
want them to the answers, no, 
but I do think there’s a lot 

1328
00:46:04,467 --> 00:46:06,801
but I do think there’s a lot 
going on so interestingly that. 

1329
00:46:06,801 --> 00:46:08,201
going on so interestingly that. 
House Judiciary Committee, 

1330
00:46:08,201 --> 00:46:10,400
House Judiciary Committee, 
which is the committee of the 

1331
00:46:10,400 --> 00:46:11,767
which is the committee of the 
lower house in the US Congress. 

1332
00:46:11,767 --> 00:46:13,267
lower house in the US Congress. 
It’s responsible for Anti-trust 

1333
00:46:13,267 --> 00:46:16,600
It’s responsible for Anti-trust 
issued a very thorough very 

1334
00:46:16,600 --> 00:46:19,467
issued a very thorough very 
aggressive. On what they 

1335
00:46:19,467 --> 00:46:21,933
aggressive. On what they 
propose to do about the 

1336
00:46:21,933 --> 00:46:23,667
propose to do about the 
companies and digital anti 

1337
00:46:23,667 --> 00:46:25,299
companies and digital anti 
trust uh well ahead of the 

1338
00:46:25,299 --> 00:46:26,767
trust uh well ahead of the 
election was a week or two ago 

1339
00:46:26,767 --> 00:46:30,099
election was a week or two ago 
now and the Republican ranking 

1340
00:46:30,099 --> 00:46:31,700
now and the Republican ranking 
minority member is issued a 

1341
00:46:31,700 --> 00:46:32,734
minority member is issued a 
counter report, which was 

1342
00:46:32,734 --> 00:46:34,467
counter report, which was 
already pretty aggressive far 

1343
00:46:34,467 --> 00:46:35,767
already pretty aggressive far 
more aggressive than anything 

1344
00:46:35,767 --> 00:46:38,267
more aggressive than anything 
anyone else has done so far um 

1345
00:46:38,267 --> 00:46:40,767
anyone else has done so far um 
my colleague Jason Furman, 

1346
00:46:40,767 --> 00:46:41,967
my colleague Jason Furman, 
Peterson is mostly at Harvard 

1347
00:46:41,967 --> 00:46:43,433
Peterson is mostly at Harvard 
and of course serves at the 

1348
00:46:43,433 --> 00:46:45,767
and of course serves at the 
mama cabinet He’s he’s had a 

1349
00:46:45,767 --> 00:46:47,567
mama cabinet He’s he’s had a 
big role in the Uk’s digital 

1350
00:46:47,567 --> 00:46:51,667
big role in the Uk’s digital 
rules. And so that notion is 

1351
00:46:51,667 --> 00:46:53,434
rules. And so that notion is 
fee, which is again much closer 

1352
00:46:53,434 --> 00:46:54,900
fee, which is again much closer 
to Europe than us is feeding 

1353
00:46:54,900 --> 00:46:57,233
to Europe than us is feeding 
into the US process. So I think 

1354
00:46:57,233 --> 00:46:59,033
into the US process. So I think 
some regulation is quite 

1355
00:46:59,033 --> 00:47:01,467
some regulation is quite 
inevitable, but and I wanna 

1356
00:47:01,467 --> 00:47:04,299
inevitable, but and I wanna 
stress this. It’s going to be 

1357
00:47:04,299 --> 00:47:07,200
stress this. It’s going to be 
very difficult for European 

1358
00:47:07,200 --> 00:47:08,267
very difficult for European 
politicians to resist making 

1359
00:47:08,267 --> 00:47:11,200
politicians to resist making 
this about a national champions 

1360
00:47:11,200 --> 00:47:12,934
this about a national champions 
and why do the Americans do it? 

1361
00:47:12,934 --> 00:47:15,666
and why do the Americans do it? 
We saw the the French I guess 

1362
00:47:15,666 --> 00:47:17,066
We saw the the French I guess 
finance. I can’t remember his 

1363
00:47:17,066 --> 00:47:19,233
finance. I can’t remember his 
prime Minister Finance Minister 

1364
00:47:19,233 --> 00:47:21,200
prime Minister Finance Minister 
Year ago, You know domestically 

1365
00:47:21,200 --> 00:47:22,699
Year ago, You know domestically 
that his digital tax idea 

1366
00:47:22,699 --> 00:47:24,300
that his digital tax idea 
wasn’t because there was tax 

1367
00:47:24,300 --> 00:47:25,866
wasn’t because there was tax 
evasion wasn’t because this was 

1368
00:47:25,866 --> 00:47:27,100
evasion wasn’t because this was 
bad. It was because we would 

1369
00:47:27,100 --> 00:47:28,734
bad. It was because we would 
have a French or European 

1370
00:47:28,734 --> 00:47:30,200
have a French or European 
person company against the 

1371
00:47:30,200 --> 00:47:31,800
person company against the 
Americans, and that’s the one 

1372
00:47:31,800 --> 00:47:33,700
Americans, and that’s the one 
thing where, of course it’s 

1373
00:47:33,700 --> 00:47:35,667
thing where, of course it’s 
wasteful but also will rally 

1374
00:47:35,667 --> 00:47:40,633
wasteful but also will rally 
political. Port around the 

1375
00:47:40,633 --> 00:47:44,833
political. Port around the 
apples the facebooks and so on 

1376
00:47:44,833 --> 00:47:46,500
apples the facebooks and so on 
um, so I think I think for 

1377
00:47:46,500 --> 00:47:48,267
um, so I think I think for 
Europe’s own sake as well as 

1378
00:47:48,267 --> 00:47:50,600
Europe’s own sake as well as 
for diplomacy, resisting that 

1379
00:47:50,600 --> 00:47:52,800
for diplomacy, resisting that 
urge so making making it about 

1380
00:47:52,800 --> 00:47:53,967
urge so making making it about 
the in which these monopolies 

1381
00:47:53,967 --> 00:47:56,467
the in which these monopolies 
are harmful to everyone in need 

1382
00:47:56,467 --> 00:47:58,266
are harmful to everyone in need 
more regulation rather than the 

1383
00:47:58,266 --> 00:47:59,567
more regulation rather than the 
problem is they’re American and 

1384
00:47:59,567 --> 00:48:01,766
problem is they’re American and 
we need a European alternative 

1385
00:48:01,766 --> 00:48:03,500
we need a European alternative 
is going to be the key issue 

1386
00:48:03,500 --> 00:48:04,700
is going to be the key issue 
for European political 

1387
00:48:04,700 --> 00:48:05,766
for European political 
management and this is why I 

1388
00:48:05,766 --> 00:48:08,733
management and this is why I 
think Cecilia. Raising the 

1389
00:48:08,733 --> 00:48:09,633
think Cecilia. Raising the 
taxation point is so critical 

1390
00:48:09,633 --> 00:48:11,634
taxation point is so critical 
because I think if the us is 

1391
00:48:11,634 --> 00:48:14,767
because I think if the us is 
willing and should be to move 

1392
00:48:14,767 --> 00:48:17,600
willing and should be to move 
ahead on some amount of global 

1393
00:48:17,600 --> 00:48:21,234
ahead on some amount of global 
taxation. A conversions let’s 

1394
00:48:21,234 --> 00:48:22,900
taxation. A conversions let’s 
say if not explosive agreement, 

1395
00:48:22,900 --> 00:48:24,834
say if not explosive agreement, 
but maybe even a agreement out 

1396
00:48:24,834 --> 00:48:27,433
but maybe even a agreement out 
of the OD, then it’s a lot more 

1397
00:48:27,433 --> 00:48:29,734
of the OD, then it’s a lot more 
credible that this isn’t just a 

1398
00:48:29,734 --> 00:48:31,400
credible that this isn’t just a 
plot to keep American companies 

1399
00:48:31,400 --> 00:48:33,767
plot to keep American companies 
on top um so I think they go 

1400
00:48:33,767 --> 00:48:35,434
on top um so I think they go 
together. I think there’s a 

1401
00:48:35,434 --> 00:48:36,766
together. I think there’s a 
good possibility, but I do 

1402
00:48:36,766 --> 00:48:38,966
good possibility, but I do 
think there are real risk to 

1403
00:48:38,966 --> 00:48:40,866
think there are real risk to 
Europe and to the system if 

1404
00:48:40,866 --> 00:48:41,934
Europe and to the system if 
European advocates say this is 

1405
00:48:41,934 --> 00:48:43,500
European advocates say this is 
about making sure that there is 

1406
00:48:43,500 --> 00:48:46,000
about making sure that there is 
a European search engine, a 

1407
00:48:46,000 --> 00:48:50,567
a European search engine, a 
European um a year. Facebook 

1408
00:48:50,567 --> 00:48:53,300
European um a year. Facebook 
Alternative A European Amazon 

1409
00:48:53,300 --> 00:48:54,800
Alternative A European Amazon 
Alternative, Yeah, no. thank 

1410
00:48:54,800 --> 00:48:56,833
Alternative, Yeah, no. thank 
you. Thank you. Adam. I think 

1411
00:48:56,833 --> 00:48:58,600
you. Thank you. Adam. I think 
it’s a very important reminder 

1412
00:48:58,600 --> 00:49:00,800
it’s a very important reminder 
for the European uh audience um 

1413
00:49:00,800 --> 00:49:03,801
for the European uh audience um 
you don’t create a European 

1414
00:49:03,801 --> 00:49:06,500
you don’t create a European 
champions by uh becoming I 

1415
00:49:06,500 --> 00:49:07,967
champions by uh becoming I 
think that’s that’s a very 

1416
00:49:07,967 --> 00:49:10,300
think that’s that’s a very 
important um uh reminder for 

1417
00:49:10,300 --> 00:49:11,967
important um uh reminder for 
all for all of us and certainly 

1418
00:49:11,967 --> 00:49:14,201
all for all of us and certainly 
the tendency that you described 

1419
00:49:14,201 --> 00:49:16,733
the tendency that you described 
is very visible in in parts of 

1420
00:49:16,733 --> 00:49:18,800
is very visible in in parts of 
process, but also parts of the 

1421
00:49:18,800 --> 00:49:20,133
process, but also parts of the 
national capital. so so it’s 

1422
00:49:20,133 --> 00:49:22,333
national capital. so so it’s 
it’s good to. To have discussed 

1423
00:49:22,333 --> 00:49:25,366
it’s good to. To have discussed 
that um we have um uh I mean 

1424
00:49:25,366 --> 00:49:26,800
that um we have um uh I mean 
questions are coming in um uh 

1425
00:49:26,800 --> 00:49:29,500
questions are coming in um uh 
and and let me let me perhaps 

1426
00:49:29,500 --> 00:49:31,967
and and let me let me perhaps 
um uh try to uh to group them. 

1427
00:49:31,967 --> 00:49:34,534
um uh try to uh to group them. 
I mean one set of questions is 

1428
00:49:34,534 --> 00:49:37,233
I mean one set of questions is 
on on Brexit and you know what 

1429
00:49:37,233 --> 00:49:39,799
on on Brexit and you know what 
Brexit will do to the uh US 

1430
00:49:39,799 --> 00:49:42,967
Brexit will do to the uh US 
trade relation um of course um 

1431
00:49:42,967 --> 00:49:44,866
trade relation um of course um 
since you already mentioned uh 

1432
00:49:44,866 --> 00:49:46,434
since you already mentioned uh 
the topic fisheries, I was 

1433
00:49:46,434 --> 00:49:47,834
the topic fisheries, I was 
hoping that I don’t have to 

1434
00:49:47,834 --> 00:49:49,200
hoping that I don’t have to 
talk about fisheries but 

1435
00:49:49,200 --> 00:49:51,967
talk about fisheries but 
fisheries is all. A big thing 

1436
00:49:51,967 --> 00:49:55,200
fisheries is all. A big thing 
uh also in the uh UK relation, 

1437
00:49:55,200 --> 00:49:56,533
uh also in the uh UK relation, 
but how would how would a 

1438
00:49:56,533 --> 00:49:58,967
but how would how would a 
Brexit deal or no deal affect 

1439
00:49:58,967 --> 00:50:01,500
Brexit deal or no deal affect 
the EU? uh us uh trade 

1440
00:50:01,500 --> 00:50:02,866
the EU? uh us uh trade 
relationships? so I think 

1441
00:50:02,866 --> 00:50:04,567
relationships? so I think 
that’s that’s sort of one big 

1442
00:50:04,567 --> 00:50:07,866
that’s that’s sort of one big 
set of questions um the other 

1443
00:50:07,866 --> 00:50:11,100
set of questions um the other 
one um is is more strictly and 

1444
00:50:11,100 --> 00:50:13,500
one um is is more strictly and 
um Adam that’s perhaps um also 

1445
00:50:13,500 --> 00:50:16,401
um Adam that’s perhaps um also 
for you is related to uh to the 

1446
00:50:16,401 --> 00:50:18,133
for you is related to uh to the 
coveted Corona virus situation 

1447
00:50:18,133 --> 00:50:21,333
coveted Corona virus situation 
um and the extent. To which um 

1448
00:50:21,333 --> 00:50:23,699
um and the extent. To which um 
coveted uh nineteen could 

1449
00:50:23,699 --> 00:50:25,400
coveted uh nineteen could 
actually have long-term 

1450
00:50:25,400 --> 00:50:26,000
actually have long-term 
implications for us trade 

1451
00:50:26,000 --> 00:50:27,200
implications for us trade 
policy. I mean you mentioned 

1452
00:50:27,200 --> 00:50:28,500
policy. I mean you mentioned 
the vaccine issue already, but 

1453
00:50:28,500 --> 00:50:30,200
the vaccine issue already, but 
perhaps you can enlarge on that 

1454
00:50:30,200 --> 00:50:31,933
perhaps you can enlarge on that 
issue. So let’s let’s take 

1455
00:50:31,933 --> 00:50:33,166
issue. So let’s let’s take 
those two questions and 

1456
00:50:33,166 --> 00:50:34,900
those two questions and 
Cecilia. Perhaps you wanna 

1457
00:50:34,900 --> 00:50:36,600
Cecilia. Perhaps you wanna 
start on Brexit. Yes, just to 

1458
00:50:36,600 --> 00:50:38,966
start on Brexit. Yes, just to 
be clear when I spoke about 

1459
00:50:38,966 --> 00:50:40,367
be clear when I spoke about 
fisheries, I spoke illegal 

1460
00:50:40,367 --> 00:50:41,667
fisheries, I spoke illegal 
subsidies to Fisher. It’s a 

1461
00:50:41,667 --> 00:50:43,133
subsidies to Fisher. It’s a 
global agreement that we are 

1462
00:50:43,133 --> 00:50:44,566
global agreement that we are 
trying to do so that has 

1463
00:50:44,566 --> 00:50:46,000
trying to do so that has 
nothing to do with Brexit, but 

1464
00:50:46,000 --> 00:50:47,866
nothing to do with Brexit, but 
I know that it’s also key in 

1465
00:50:47,866 --> 00:50:49,700
I know that it’s also key in 
Brexit negotiations and I hope. 

1466
00:50:49,700 --> 00:50:51,067
Brexit negotiations and I hope. 
That we find the solutions time 

1467
00:50:51,067 --> 00:50:53,467
That we find the solutions time 
is running out um but of 

1468
00:50:53,467 --> 00:50:55,234
is running out um but of 
course, it would be best if we 

1469
00:50:55,234 --> 00:50:56,167
course, it would be best if we 
could find a solution between 

1470
00:50:56,167 --> 00:51:00,600
could find a solution between 
the and and and the UK um and I 

1471
00:51:00,600 --> 00:51:01,933
the and and and the UK um and I 
can only keep my fingers 

1472
00:51:01,933 --> 00:51:05,300
can only keep my fingers 
crossed at those race today 

1473
00:51:05,300 --> 00:51:07,067
crossed at those race today 
would be the kind I think that 

1474
00:51:07,067 --> 00:51:09,200
would be the kind I think that 
the EU the US interest in 

1475
00:51:09,200 --> 00:51:11,500
the EU the US interest in 
making a trade deal with EU is 

1476
00:51:11,500 --> 00:51:13,900
making a trade deal with EU is 
limited uh for the moment 

1477
00:51:13,900 --> 00:51:15,299
limited uh for the moment 
regardless of whether the UK 

1478
00:51:15,299 --> 00:51:17,600
regardless of whether the UK 
had been in or not because it’s 

1479
00:51:17,600 --> 00:51:20,300
had been in or not because it’s 
not a priority for the Biden 

1480
00:51:20,300 --> 00:51:21,166
not a priority for the Biden 
administration if they win and 

1481
00:51:21,166 --> 00:51:24,433
administration if they win and 
would not be a priority. Uh for 

1482
00:51:24,433 --> 00:51:26,201
would not be a priority. Uh for 
Trump either uh because there 

1483
00:51:26,201 --> 00:51:27,067
Trump either uh because there 
are so many other things to 

1484
00:51:27,067 --> 00:51:30,233
are so many other things to 
deal with so this is really not 

1485
00:51:30,233 --> 00:51:32,400
deal with so this is really not 
top of the agenda. Uh I know 

1486
00:51:32,400 --> 00:51:35,799
top of the agenda. Uh I know 
that in London they look very 

1487
00:51:35,799 --> 00:51:36,300
that in London they look very 
they’re very eager to have a 

1488
00:51:36,300 --> 00:51:38,500
they’re very eager to have a 
trade agreement with us of 

1489
00:51:38,500 --> 00:51:40,334
trade agreement with us of 
course, but again, I think that 

1490
00:51:40,334 --> 00:51:42,733
course, but again, I think that 
is not top of the agenda either 

1491
00:51:42,733 --> 00:51:45,533
is not top of the agenda either 
so might maybe in that regard 

1492
00:51:45,533 --> 00:51:48,233
so might maybe in that regard 
it doesn’t influence so much 

1493
00:51:48,233 --> 00:51:50,700
it doesn’t influence so much 
uh, of course you know it 

1494
00:51:50,700 --> 00:51:52,266
uh, of course you know it 
influences us. It’s a lost for 

1495
00:51:52,266 --> 00:51:54,533
influences us. It’s a lost for 
uh for us and for the UK. I 

1496
00:51:54,533 --> 00:51:56,133
uh for us and for the UK. I 
think that they mean, but that 

1497
00:51:56,133 --> 00:51:57,266
think that they mean, but that 
is how it is and now we just 

1498
00:51:57,266 --> 00:51:59,966
is how it is and now we just 
have to try. Use the last days 

1499
00:51:59,966 --> 00:52:01,234
have to try. Use the last days 
to get an agreement, and but 

1500
00:52:01,234 --> 00:52:04,401
to get an agreement, and but 
that is more a bilateral issue 

1501
00:52:04,401 --> 00:52:07,834
that is more a bilateral issue 
between the EU and UK Adam I 

1502
00:52:07,834 --> 00:52:09,233
between the EU and UK Adam I 
was paying too much attention 

1503
00:52:09,233 --> 00:52:11,000
was paying too much attention 
to repeat what you wanted me to 

1504
00:52:11,000 --> 00:52:13,434
to repeat what you wanted me to 
talk about about those talk 

1505
00:52:13,434 --> 00:52:15,700
talk about about those talk 
about the Brexit issue, but 

1506
00:52:15,700 --> 00:52:17,299
about the Brexit issue, but 
also um talk about a covet 

1507
00:52:17,299 --> 00:52:19,067
also um talk about a covet 
nineteen at home. No. I’m sorry 

1508
00:52:19,067 --> 00:52:21,300
nineteen at home. No. I’m sorry 
the persistent effects of covet 

1509
00:52:21,300 --> 00:52:22,934
the persistent effects of covet 
nineteen on policy which in the 

1510
00:52:22,934 --> 00:52:24,700
nineteen on policy which in the 
US which your audience members 

1511
00:52:24,700 --> 00:52:25,933
US which your audience members 
absolutely right to raise. I 

1512
00:52:25,933 --> 00:52:29,267
absolutely right to raise. I 
mean on Brexit just again. The 

1513
00:52:29,267 --> 00:52:30,767
mean on Brexit just again. The 
very blunt political and 

1514
00:52:30,767 --> 00:52:33,767
very blunt political and 
economic realities in line with 

1515
00:52:33,767 --> 00:52:37,200
economic realities in line with 
the gravity model US UK trade 

1516
00:52:37,200 --> 00:52:37,767
the gravity model US UK trade 
despite the special 

1517
00:52:37,767 --> 00:52:39,933
despite the special 
relationship is less than half 

1518
00:52:39,933 --> 00:52:42,000
relationship is less than half 
of us UK you trade the number 

1519
00:52:42,000 --> 00:52:44,299
of us UK you trade the number 
of people who identify 

1520
00:52:44,299 --> 00:52:45,767
of people who identify 
politically uh in meaningful 

1521
00:52:45,767 --> 00:52:48,233
politically uh in meaningful 
ways as Irish American far 

1522
00:52:48,233 --> 00:52:49,733
ways as Irish American far 
outskirts the number of people 

1523
00:52:49,733 --> 00:52:52,233
outskirts the number of people 
who identify as English or 

1524
00:52:52,233 --> 00:52:54,666
who identify as English or 
British American or Scottish 

1525
00:52:54,666 --> 00:52:57,533
British American or Scottish 
American um and so the people 

1526
00:52:57,533 --> 00:52:58,434
American um and so the people 
in Britain should have been 

1527
00:52:58,434 --> 00:53:00,634
in Britain should have been 
listening when Speaker Pelosi 

1528
00:53:00,634 --> 00:53:02,633
listening when Speaker Pelosi 
or Vice President, Biden says 

1529
00:53:02,633 --> 00:53:04,434
or Vice President, Biden says 
This is gonna happen. Isn’t 

1530
00:53:04,434 --> 00:53:05,600
This is gonna happen. Isn’t 
gonna happen, especially if 

1531
00:53:05,600 --> 00:53:06,767
gonna happen, especially if 
you’re in Maryland anything in 

1532
00:53:06,767 --> 00:53:09,434
you’re in Maryland anything in 
Northern Ireland So um I think 

1533
00:53:09,434 --> 00:53:11,733
Northern Ireland So um I think 
that is a sideshow. It’s 

1534
00:53:11,733 --> 00:53:13,733
that is a sideshow. It’s 
unfortunate thing for the UK 

1535
00:53:13,733 --> 00:53:17,733
unfortunate thing for the UK 
for some aspects of the EU for 

1536
00:53:17,733 --> 00:53:18,833
for some aspects of the EU for 
Netherlands, northern France 

1537
00:53:18,833 --> 00:53:21,333
Netherlands, northern France 
for Ireland obviously, but for 

1538
00:53:21,333 --> 00:53:23,867
for Ireland obviously, but for 
the us, it’s not an issue in 

1539
00:53:23,867 --> 00:53:25,866
the us, it’s not an issue in 
terms of the the longer term 

1540
00:53:25,866 --> 00:53:27,000
terms of the the longer term 
assets, which they’re 

1541
00:53:27,000 --> 00:53:29,567
assets, which they’re 
absolutely right to ask about. 

1542
00:53:29,567 --> 00:53:33,466
absolutely right to ask about. 
I wanna repeat there are. I 

1543
00:53:33,466 --> 00:53:35,200
I wanna repeat there are. I 
think two main avenues, the 

1544
00:53:35,200 --> 00:53:37,533
think two main avenues, the 
first is economically how much 

1545
00:53:37,533 --> 00:53:39,334
first is economically how much 
are we seeing and this is me 

1546
00:53:39,334 --> 00:53:41,133
are we seeing and this is me 
with my macro economist hat on 

1547
00:53:41,133 --> 00:53:42,933
with my macro economist hat on 
how much are we seeing 

1548
00:53:42,933 --> 00:53:44,867
how much are we seeing 
persistent large changes in 

1549
00:53:44,867 --> 00:53:46,833
persistent large changes in 
household behavior as a result 

1550
00:53:46,833 --> 00:53:48,900
household behavior as a result 
of the pandemic? do people 

1551
00:53:48,900 --> 00:53:50,633
of the pandemic? do people 
continue to save a higher share 

1552
00:53:50,633 --> 00:53:51,967
continue to save a higher share 
of their income, not as high as 

1553
00:53:51,967 --> 00:53:53,966
of their income, not as high as 
they recent months, but do they 

1554
00:53:53,966 --> 00:53:55,034
they recent months, but do they 
continue do they continue to be 

1555
00:53:55,034 --> 00:53:57,634
continue do they continue to be 
slow to form new households? Do 

1556
00:53:57,634 --> 00:53:58,967
slow to form new households? Do 
they continue to have 

1557
00:53:58,967 --> 00:54:00,867
they continue to have 
diminished mobility? Do they 

1558
00:54:00,867 --> 00:54:03,300
diminished mobility? Do they 
continue to be more risk? Do 

1559
00:54:03,300 --> 00:54:05,733
continue to be more risk? Do 
they change their? Taste in 

1560
00:54:05,733 --> 00:54:07,100
they change their? Taste in 
terms of tourism and 

1561
00:54:07,100 --> 00:54:08,834
terms of tourism and 
hospitality and other things do 

1562
00:54:08,834 --> 00:54:10,200
hospitality and other things do 
they change their real estate 

1563
00:54:10,200 --> 00:54:11,433
they change their real estate 
where they wanna live and this 

1564
00:54:11,433 --> 00:54:13,100
where they wanna live and this 
is all still unknown. Frankly, 

1565
00:54:13,100 --> 00:54:15,334
is all still unknown. Frankly, 
I mean we have good guesses but 

1566
00:54:15,334 --> 00:54:17,400
I mean we have good guesses but 
what’s very unclear what will 

1567
00:54:17,400 --> 00:54:21,801
what’s very unclear what will 
happen um but the odds are that 

1568
00:54:21,801 --> 00:54:24,466
happen um but the odds are that 
us savings rate will go up 

1569
00:54:24,466 --> 00:54:25,967
us savings rate will go up 
meaningfully just as it did 

1570
00:54:25,967 --> 00:54:28,300
meaningfully just as it did 
after 2000, 812. it goes up a 

1571
00:54:28,300 --> 00:54:31,200
after 2000, 812. it goes up a 
lot comes back down but ends up 

1572
00:54:31,200 --> 00:54:33,100
lot comes back down but ends up 
a percent or two higher uh than 

1573
00:54:33,100 --> 00:54:35,234
a percent or two higher uh than 
it was. It’s not as clear. 

1574
00:54:35,234 --> 00:54:38,933
it was. It’s not as clear. 
Would happen in Europe because 

1575
00:54:38,933 --> 00:54:40,800
Would happen in Europe because 
the welfare state is better and 

1576
00:54:40,800 --> 00:54:41,967
the welfare state is better and 
the savings rates were already 

1577
00:54:41,967 --> 00:54:44,534
the savings rates were already 
high, it might but it seems 

1578
00:54:44,534 --> 00:54:46,834
high, it might but it seems 
like the best guess is that the 

1579
00:54:46,834 --> 00:54:49,801
like the best guess is that the 
savings imbalance in between 

1580
00:54:49,801 --> 00:54:51,100
savings imbalance in between 
Europe and the US would 

1581
00:54:51,100 --> 00:54:52,767
Europe and the US would 
tranquil it all which would 

1582
00:54:52,767 --> 00:54:56,334
tranquil it all which would 
adjust some things um the 

1583
00:54:56,334 --> 00:54:58,000
adjust some things um the 
common thread of secular 

1584
00:54:58,000 --> 00:55:00,867
common thread of secular 
stagnation of very low risk 

1585
00:55:00,867 --> 00:55:02,800
stagnation of very low risk 
tolerance of very low private 

1586
00:55:02,800 --> 00:55:04,467
tolerance of very low private 
sector investment, low returns 

1587
00:55:04,467 --> 00:55:05,200
sector investment, low returns 
and low interest rates is 

1588
00:55:05,200 --> 00:55:08,400
and low interest rates is 
likely to be. Reinforced by the 

1589
00:55:08,400 --> 00:55:10,534
likely to be. Reinforced by the 
and that’s likely to bear down 

1590
00:55:10,534 --> 00:55:13,200
and that’s likely to bear down 
on all the rich countries 

1591
00:55:13,200 --> 00:55:14,934
on all the rich countries 
simultaneously and keep our 

1592
00:55:14,934 --> 00:55:15,833
simultaneously and keep our 
central banks at very low 

1593
00:55:15,833 --> 00:55:17,233
central banks at very low 
interest rates with very large 

1594
00:55:17,233 --> 00:55:18,934
interest rates with very large 
balance sheets and so again 

1595
00:55:18,934 --> 00:55:22,434
balance sheets and so again 
currency fractions and other 

1596
00:55:22,434 --> 00:55:23,867
currency fractions and other 
things like that tend to the 

1597
00:55:23,867 --> 00:55:26,299
things like that tend to the 
other avenue, though is the 

1598
00:55:26,299 --> 00:55:27,133
other avenue, though is the 
senses and this goes back to 

1599
00:55:27,133 --> 00:55:28,566
senses and this goes back to 
the vaccine. Nationalism Point 

1600
00:55:28,566 --> 00:55:30,733
the vaccine. Nationalism Point 
is my colleague Chad bounds 

1601
00:55:30,733 --> 00:55:33,566
is my colleague Chad bounds 
written about is the extent to 

1602
00:55:33,566 --> 00:55:36,167
written about is the extent to 
which people in the US and In 

1603
00:55:36,167 --> 00:55:38,699
which people in the US and In 
Europe say oh our response to 

1604
00:55:38,699 --> 00:55:40,000
Europe say oh our response to 
the coveted crisis is we have 

1605
00:55:40,000 --> 00:55:41,800
the coveted crisis is we have 
to be more resilient? How are 

1606
00:55:41,800 --> 00:55:43,833
to be more resilient? How are 
we more resilient? We’re more 

1607
00:55:43,833 --> 00:55:45,467
we more resilient? We’re more 
self-reliant. We’re more 

1608
00:55:45,467 --> 00:55:48,534
self-reliant. We’re more 
lethargic and you hear this and 

1609
00:55:48,534 --> 00:55:49,967
lethargic and you hear this and 
this is something going back to 

1610
00:55:49,967 --> 00:55:52,000
this is something going back to 
the question. I think I’ve not 

1611
00:55:52,000 --> 00:55:53,367
the question. I think I’ve not 
wanted to address but what 

1612
00:55:53,367 --> 00:55:54,866
wanted to address but what 
happens if Trump is reelected 

1613
00:55:54,866 --> 00:55:57,234
happens if Trump is reelected 
Well, I think this gives 

1614
00:55:57,234 --> 00:55:59,033
Well, I think this gives 
incredible impetus politically 

1615
00:55:59,033 --> 00:56:00,600
incredible impetus politically 
to his idea that we don’t wanna 

1616
00:56:00,600 --> 00:56:02,200
to his idea that we don’t wanna 
have diversified sources of 

1617
00:56:02,200 --> 00:56:04,000
have diversified sources of 
production. We want things 

1618
00:56:04,000 --> 00:56:05,400
production. We want things 
produced at home being even 

1619
00:56:05,400 --> 00:56:11,133
produced at home being even 
not. Mexico and Canada in us um 

1620
00:56:11,133 --> 00:56:13,767
not. Mexico and Canada in us um 
and this is an understandable 

1621
00:56:13,767 --> 00:56:14,400
and this is an understandable 
political impulse for many 

1622
00:56:14,400 --> 00:56:15,800
political impulse for many 
people, but it is of course 

1623
00:56:15,800 --> 00:56:18,000
people, but it is of course 
mistaken. We know that even if 

1624
00:56:18,000 --> 00:56:19,733
mistaken. We know that even if 
you’re a very large, very 

1625
00:56:19,733 --> 00:56:21,933
you’re a very large, very 
diverse economy, you are better 

1626
00:56:21,933 --> 00:56:23,467
diverse economy, you are better 
off having diversified sources 

1627
00:56:23,467 --> 00:56:27,334
off having diversified sources 
of supply and not paying this 

1628
00:56:27,533 --> 00:56:28,066
This enormous insurance premium 

1629
00:56:28,066 --> 00:56:29,000
This enormous insurance premium 
than trying to do everything 

1630
00:56:29,000 --> 00:56:31,100
than trying to do everything 
yourself except for very 

1631
00:56:31,100 --> 00:56:32,899
yourself except for very 
specific limited things which 

1632
00:56:32,899 --> 00:56:36,234
specific limited things which 
you can stop by and that is 

1633
00:56:36,234 --> 00:56:37,800
you can stop by and that is 
where I think the danger on the 

1634
00:56:37,800 --> 00:56:41,866
where I think the danger on the 
trade front from the persistent 

1635
00:56:41,866 --> 00:56:44,167
trade front from the persistent 
pandemic lies so Cecilia I mean 

1636
00:56:44,167 --> 00:56:44,933
pandemic lies so Cecilia I mean 
on this point, I also wanna 

1637
00:56:44,933 --> 00:56:48,834
on this point, I also wanna 
push you because um the uh the 

1638
00:56:48,834 --> 00:56:52,600
push you because um the uh the 
you um on uh you know producing 

1639
00:56:52,600 --> 00:56:55,233
you um on uh you know producing 
things locally um uh has also 

1640
00:56:55,233 --> 00:56:57,000
things locally um uh has also 
picked up quite a bit um 

1641
00:56:57,000 --> 00:56:59,267
picked up quite a bit um 
including medical goods and um 

1642
00:56:59,267 --> 00:57:02,333
including medical goods and um 
I make. Always exactly the same 

1643
00:57:02,333 --> 00:57:03,734
I make. Always exactly the same 
point as Adam just made that 

1644
00:57:03,734 --> 00:57:06,000
point as Adam just made that 
you know stock filing is the 

1645
00:57:06,000 --> 00:57:08,166
you know stock filing is the 
first best response 

1646
00:57:08,166 --> 00:57:09,900
first best response 
diversifying suppliers um is 

1647
00:57:09,900 --> 00:57:11,233
diversifying suppliers um is 
certainly also a possible 

1648
00:57:11,233 --> 00:57:12,133
certainly also a possible 
response. you don’t wanna be 

1649
00:57:12,133 --> 00:57:13,967
response. you don’t wanna be 
dependent on just one supplier 

1650
00:57:13,967 --> 00:57:15,434
dependent on just one supplier 
and one country um if you want 

1651
00:57:15,434 --> 00:57:17,634
and one country um if you want 
to sort of if you care about 

1652
00:57:17,634 --> 00:57:19,333
to sort of if you care about 
your strategic autonomy and if 

1653
00:57:19,333 --> 00:57:20,801
your strategic autonomy and if 
you think that could be a 

1654
00:57:20,801 --> 00:57:21,966
you think that could be a 
political risk there. but I 

1655
00:57:21,966 --> 00:57:23,466
political risk there. but I 
mean the discourse is still 

1656
00:57:23,466 --> 00:57:25,634
mean the discourse is still 
there in Europe and it’s it’s 

1657
00:57:25,634 --> 00:57:26,700
there in Europe and it’s it’s 
quite strong in some quarters. 

1658
00:57:26,700 --> 00:57:28,400
quite strong in some quarters. 
Um how do you see that play out 

1659
00:57:28,400 --> 00:57:30,234
Um how do you see that play out 
and also be the US? Um, 

1660
00:57:30,234 --> 00:57:33,066
and also be the US? Um, 
especially in the case of a 

1661
00:57:33,066 --> 00:57:35,234
especially in the case of a 
Trump win well, I noticed that 

1662
00:57:35,234 --> 00:57:37,699
Trump win well, I noticed that 
the concept of strategic 

1663
00:57:37,699 --> 00:57:39,100
the concept of strategic 
autonomy sometimes as an open 

1664
00:57:39,100 --> 00:57:40,933
autonomy sometimes as an open 
before that was absent from 

1665
00:57:40,933 --> 00:57:42,434
before that was absent from 
missus speech of the European 

1666
00:57:42,434 --> 00:57:43,400
missus speech of the European 
Parliament, and it is also not 

1667
00:57:43,400 --> 00:57:44,967
Parliament, and it is also not 
in the working program, which I 

1668
00:57:44,967 --> 00:57:45,933
in the working program, which I 
think is a good idea because 

1669
00:57:45,933 --> 00:57:48,733
think is a good idea because 
it’s still has to be defined in 

1670
00:57:48,733 --> 00:57:51,267
it’s still has to be defined in 
a way that whatever it is stock 

1671
00:57:51,267 --> 00:57:52,634
a way that whatever it is stock 
piling some some critical 

1672
00:57:52,634 --> 00:57:54,266
piling some some critical 
medical equipment. I think is 

1673
00:57:54,266 --> 00:57:56,833
medical equipment. I think is 
normal after this this pandemic 

1674
00:57:56,833 --> 00:57:57,967
normal after this this pandemic 
in some countries and of course 

1675
00:57:57,967 --> 00:58:00,700
in some countries and of course 
companies are. Looking to 

1676
00:58:00,700 --> 00:58:02,400
companies are. Looking to 
diversify some of their value 

1677
00:58:02,400 --> 00:58:05,000
diversify some of their value 
change they have been more to 

1678
00:58:05,000 --> 00:58:07,100
change they have been more to 
make them more flexible more 

1679
00:58:07,100 --> 00:58:08,933
make them more flexible more 
diversified more resilient. 

1680
00:58:08,933 --> 00:58:10,600
diversified more resilient. 
This is is not the that should 

1681
00:58:10,600 --> 00:58:11,767
This is is not the that should 
come from Brussels. It’s a 

1682
00:58:11,767 --> 00:58:14,334
come from Brussels. It’s a 
decision that members that 

1683
00:58:14,334 --> 00:58:15,266
decision that members that 
companies are already 

1684
00:58:15,266 --> 00:58:17,100
companies are already 
organizing their value chains 

1685
00:58:17,100 --> 00:58:18,234
organizing their value chains 
architecture, and I think that 

1686
00:58:18,234 --> 00:58:19,800
architecture, and I think that 
they’re doing quite well um 

1687
00:58:19,800 --> 00:58:21,300
they’re doing quite well um 
that then, of course you have 

1688
00:58:21,300 --> 00:58:24,767
that then, of course you have 
is very dependent on certain 

1689
00:58:24,767 --> 00:58:26,600
is very dependent on certain 
raw materials, but that is not 

1690
00:58:26,600 --> 00:58:27,867
raw materials, but that is not 
sold by creating you know, 

1691
00:58:27,867 --> 00:58:31,233
sold by creating you know, 
opening and your mind over. 

1692
00:58:31,233 --> 00:58:32,867
opening and your mind over. 
This 6 years and it’s uh 

1693
00:58:32,867 --> 00:58:34,467
This 6 years and it’s uh 
possibly not the most um the 

1694
00:58:34,467 --> 00:58:36,800
possibly not the most um the 
cheapest way to resolve that 

1695
00:58:36,800 --> 00:58:39,700
cheapest way to resolve that 
either. so some some self 

1696
00:58:39,700 --> 00:58:41,000
either. so some some self 
sufficiency in some very 

1697
00:58:41,000 --> 00:58:42,399
sufficiency in some very 
critical material related to 

1698
00:58:42,399 --> 00:58:43,799
critical material related to 
pandemics and so on it’s 

1699
00:58:43,799 --> 00:58:46,133
pandemics and so on it’s 
totally normal but we should 

1700
00:58:46,133 --> 00:58:47,533
totally normal but we should 
not run into protectionism and 

1701
00:58:47,533 --> 00:58:49,133
not run into protectionism and 
fool ourselves that this is a 

1702
00:58:49,133 --> 00:58:51,834
fool ourselves that this is a 
way to solve future crisis 

1703
00:58:51,834 --> 00:58:54,700
way to solve future crisis 
because. By enlarge 

1704
00:58:54,700 --> 00:58:55,967
because. By enlarge 
globalization Value chains and 

1705
00:58:55,967 --> 00:58:58,100
globalization Value chains and 
trade as function during the 

1706
00:58:58,100 --> 00:58:59,900
trade as function during the 
pandemic, we have had food in 

1707
00:58:59,900 --> 00:59:01,333
pandemic, we have had food in 
our stores We’ve had equipment 

1708
00:59:01,333 --> 00:59:03,066
our stores We’ve had equipment 
uh and it has function so let’s 

1709
00:59:03,066 --> 00:59:05,434
uh and it has function so let’s 
recommend it if it’s not 

1710
00:59:05,434 --> 00:59:07,967
recommend it if it’s not 
broken. Okay, I’m afraid we 

1711
00:59:07,967 --> 00:59:09,367
broken. Okay, I’m afraid we 
could go on for a very long 

1712
00:59:09,367 --> 00:59:10,666
could go on for a very long 
time. There’s many issues to 

1713
00:59:10,666 --> 00:59:12,266
time. There’s many issues to 
discuss but our time is over. 

1714
00:59:12,266 --> 00:59:14,899
discuss but our time is over. 
so let me let me thank um Adam 

1715
00:59:14,899 --> 00:59:17,301
so let me let me thank um Adam 
and Cecilia um it was really 

1716
00:59:17,301 --> 00:59:18,799
and Cecilia um it was really 
wonderful to have you and say 

1717
00:59:18,799 --> 00:59:20,201
wonderful to have you and say 
hello to you and discuss with 

1718
00:59:20,201 --> 00:59:22,299
hello to you and discuss with 
you uh and let me thank also 

1719
00:59:22,299 --> 00:59:24,267
you uh and let me thank also 
our online audience for 

1720
00:59:24,267 --> 00:59:26,267
our online audience for 
watching and for engaging um 

1721
00:59:26,267 --> 00:59:28,166
watching and for engaging um 
please do visit our website um 

1722
00:59:28,166 --> 00:59:30,867
please do visit our website um 
and uh come back to our events. 

1723
00:59:30,867 --> 00:59:32,567
and uh come back to our events. 
Uh it’s enormous pleasure to 

1724
00:59:32,567 --> 00:59:33,934
Uh it’s enormous pleasure to 
have you. Thank you. Adam and 

1725
00:59:33,934 --> 00:59:35,800
have you. Thank you. Adam and 
thank you. Cecilia Thank you. 

1726
00:59:35,800 --> 00:59:37,267
thank you. Cecilia Thank you. 
Much it was a pleasure and an 

1727
00:59:37,267 --> 00:59:39,967
Much it was a pleasure and an 
honor good night Thanks to