Dr. Elizabeth Economy and Susan Schwab sit down to discuss the current global trade environment and the outlook for US-China trade relations in the aftermath of negotiations in Geneva. The two discuss the magnitude and reaction to President Trump’s “Liberation Day” tariffs, along with the motivations and scale behind the actions. Schwab then explains the dynamics of negotiating within a presidential administration and the importance of understanding the objectives and red lines within those negotiations. The two conclude with an assessment of the US-China trade war, recent developments in the relationship, and what the United States can best do to compete with China in a new era. Economy and Schwab touch on the importance of engaging allies, clearly illustrating the rules China is violating and using a whole-of-government approach to take on the challenge.
Recorded on May 13, 2025.
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ABOUT THE SPEAKERS
Ambassador Susan Schwab has more than three decades of international trade and policy experience. From 2005-2009, she served as US Trade Representative (USTR) and Deputy USTR in the George W. Bush administration. Ambassador Schwab also sits on several corporate and non-profit boards and is a frequent speaker at associations, corporations, and think tanks. In 2022, she became board chair of the National Foreign Trade Council (NFTC).
During her tenure as USTR, Ambassador Schwab successfully opened markets for US products and services in every region of the world and across a variety of business sectors and industries. She concluded the United States’ Free Trade Agreements (FTAs) with Peru, Colombia, and South Korea and launched the Trans-Pacific Partnership (TPP) talks. Ambassador Schwab helped to achieve congressional approval of FTAs with Oman and Peru, as well as the bipartisan “May 10th, 2007” agreement on trade, labor, and the environment.
Elizabeth Economy is the Hargrove Senior Fellow and co-director of the Program on the US, China, and the World at the Hoover Institution. From 2021-2023, she took leave from Hoover to serve as the senior advisor for China to the US Secretary of Commerce. Before joining Hoover, she was the C.V. Starr Senior Fellow and director, Asia Studies at the Council on Foreign Relations. She is the author of four books on China, including most recently The World According to China (Polity, 2021), and the co-editor of two volumes. She serves on the boards of the National Endowment for Democracy and the National Committee on US-China Relations. She is a member of the Aspen Strategy Group and Council on Foreign Relations and serves as a book reviewer for Foreign Affairs.
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ABOUT THE SERIES
China Considered with Elizabeth Economy is a Hoover Institution podcast series that features in-depth conversations with leading political figures, scholars, and activists from around the world. The series explores the ideas, events, and forces shaping China’s future and its global relationships, offering high-level expertise, clear-eyed analysis, and valuable insights to demystify China’s evolving dynamics and what they may mean for ordinary citizens and key decision makers across societies, governments, and the private sector.
