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00:00It's an extremely strange situation that we're in right now.
00:08I mean, the U.S. has actually benefited hugely from a global open trading market despite
00:14having a trade deficit.
00:15So that concept of it being equal or zero just doesn't make sense.
00:30Trump is sticking to his textbook.
00:37He's been having the same textbook for 40 years.
00:40And yes, I agree the world has changed in 40 years.
00:43But the textbook that Trump has been using is the same which he began using and talking
00:51about 40 years ago.
00:53I'm surprised that anyone was surprised by what he's done.
00:57And the reality of the situation is that he has been talking about, you know, an absence
01:04of a trade deficit with any country.
01:07Now yes, frankly, I also don't think it's a good solution in every circumstance.
01:21I think while U.S. want to isolate itself, well, let them do it.
01:25But then somebody need to carry on this global regime of free trade.
01:31And that's where EU, China, Japan, South Korea, well, the rest of the world except the U.S.
01:37comes in.
01:38So like you mentioned, there are many multilateral trade regime we have created in the past.
01:45RCEP is one.
01:46TPPCP is one.
01:48And obviously, WTO is one.
02:15And we have to work together.
02:18If we can't work with the U.S. right now, we should try and solve the issues that we
02:22have together at a bilateral or regional level as well.
02:28The EU and its response to these and other issues in the past has been, if we can't work
02:33together, then we'll find other people to work with.
02:35And I think the EU has actually demonstrated that quite strongly by having a number of
02:40free trade agreements that have been signed in the region with South Korea, with New Zealand,
02:45with Vietnam.
02:46And again, EU and China have also been talking about a potential agreement as well.