Biden Will Need to Repair a Global Economic Order Trump Damaged
“If Donald Trump has illustrated anything as president, it’s that the postwar global economic order is more fragile than anyone thought. Think of America’s trading relationships and rank in the world as a painstakingly assembled collection of delicate pottery that for generations has been a source of civic pride and envy from the neighbors. Trump and his deputies have been the raucous gang of teenagers barging their way through, leaving a trail of chipped and smashed artifacts. President-elect Joe Biden is the genial grandfather leading a new team brought in to mend what they can. The questions now are: How much will they save? And how creative will they get in the reconstruction?”
U.K. Economy’s Record Rebound Still Leaves it Far Behind Others
“The U.K. economy expanded the most on record in the third quarter, a rebound that still leaves Britain’s recovery trailing behind the world’s major industrialized nations. Output surged 15.5% in the three months through September, according to data released Thursday, but the economy was still almost 10% smaller than before the pandemic. New virus restrictions could push it back into recession — a threat that’s already forced the Bank of England and U.K. Treasury to launch another round of stimulus.”
China and 14 Asian Nations to Sign World’s Biggest Free-Trade Deal
“Fifteen Asia-Pacific nations including China aim to clinch the world’s largest free-trade agreement this weekend, the culmination of Beijing’s decade-long quest for greater economic integration with a region that encompasses nearly a third of the global gross domestic product. The Regional Comprehensive Economic Partnership, which includes countries stretching from Japan to Australia and New Zealand, aims to reduce tariffs, strengthen supply chains with common rules of origin, and codify new e-commerce rules. Its passage may disadvantage some U.S. companies and other multinationals outside the zone, particularly after President Donald Trump withdrew from talks on a separate Asia-Pacific trade deal formerly known as the Trans-Pacific Partnership.”
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