The trade war between the U.S. and China has had dramatic affects on the global economy — that much is clear from conversations with executives here. U.S. companies have shifted supply chains out of China to avoid tariffs. And more dramatically, Chinese companies have reduced investment plans in the U.S. As I mentioned Monday, the percentage of Chinese executives who cite the U.S. as their top market for investment dropped precipitously in PWC’s annual CEO survey from 59% last year to 17% this year.
The year ahead will, like every year, consist of just under 8,800 hours. Most people will spend about a third of that time sleeping, and another third or so arguing on social media. Much of the remainder will be spent at work.
The world turns even if America doesn’t. That’s certainly true on trade, where a rebranded Trans-Pacific Partnership has begun with the new year in 11 countries two years after President Trump withdrew. The biggest losers are American producers.
The Working Group on Economic Policy brings together experts on economic and financial policy to study key developments in the U.S. and global economies, examine their interactions, and develop specific policy proposals.