Donald Trump announced a fresh "phase 1" trade deal with China last week, part of his ongoing bid to reduce the United States' huge trade deficit with China. The US has been buying more from China than China buys from the US for decades, but since coming into office Trump has made reducing that deficit central to his "America First" agenda. It's not easy to do. Consider that in 2018, after two full years of the Trump administration, the trade deficit with China actually swelled to its highest level since the Clinton years. That's because many perfectly healthy economic factors contribute to a trade deficit: stronger economic growth under Trump has meant more demand for foreign goods, so as long as the economy keeps humming along, it will be hard for Trump to reduce the deficit. Likewise, the strong US dollar makes foreign goods cheaper for US consumers to import, while China's own economic slowdown in 2018 decreased Chinese demand for American goods. For a historical perspective on all of this, here's a look at how the US-China trade balance has developed under each US president going back to 1993.
Carbon has a bad rep, but did you know it's a building block of life? As atoms evolved, carbon trapped in CO2 was freed, giving way to the creation of complex molecules that use photosynthesis to convert carbon to food. Soon after, plants, herbivores, and carnivores began populating the earth and the cycle of life began.
Learn more about how carbon created life on Earth in the second episode of Eni's Story of CO2 series.
On September 23, GZERO Media — in partnership with Microsoft and Eurasia Group — gathered global experts to discuss global recovery from the coronavirus pandemic in a livestream panel. Our panel for the discussion Crisis Response & Recovery: Reimagining while Rebuilding, included:
- Brad Smith, President, Microsoft
- Ian Bremmer, President and Founder, Eurasia Group & GZERO Media
- Jeh Johnson, Partner, Paul, Weiss, Rifkind, Wharton & Garrison, LLP and former Secretary of Homeland Security.
- John Frank, Vice President, UN Affairs at Microsoft
- Susan Glasser, staff writer and Washington columnist, The New Yorker (moderator)
Special appearances by UN Secretary-General António Guterres, European Central Bank chief Christine Lagarde, and comedian/host Trevor Noah.
Watch as Nicholas Thompson, editor-in-chief of WIRED, explains what's going on in technology news:
Would Facebook actually leave Europe? What's the deal?
The deal is that Europe has told Facebook it can no longer transfer data back and forth between the United States and Europe, because it's not secure from US Intelligence agencies. Facebook has said, "If we can't transfer data back and forth, we can't operate in Europe." My instinct, this will get resolved. There's too much at stake for both sides and there are all kinds of possible compromises.
Jon Lieber, who leads Eurasia Group's coverage of political and policy developments in Washington, offers insights on the Supreme Court vacancy:
Will Senate Republicans, who stopped a Supreme Court nomination in 2016, because it was too close to an election, pay a political price for the change in tactics this time around?
Not only do I think they won't pay a political price, I think in many cases, they're going to benefit. Changing the balance of power on the Supreme Court has been a career-long quest for many conservatives and many Republicans. And that's why you've seen so many of them fall in line behind the President's nomination before we even know who it is.
At this point, do Senate Democrats have any hope of stopping President Trump from filling the ninth seat on the Supreme Court?
The coronavirus pandemic threatened to bring Europe's economy to its knees. Then something remarkable happened: 27 member states came together. Joining GZERO World with Ian Bremmer is the woman at the heart of that response, European Central Bank President Christine Lagarde. She'll explain how European nations were able to overcome political divisions and act quickly to prevent an all-out economic catastrophe on the continent.