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Think buying American will help ease inflation? Larry Summers says it won’t

Many Americans believe the best way to fight rising prices is to purchase US-made goods, in theory, less affected by COVID-fueled disruptions to global supply chains.

For former US treasury secretary Larry Summers, they're wrong.

"I think the right thing to do is to buy cheap and buy inexpensive."

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Climate change trade wars

The COP26 climate summit in Glasgow is almost done and dusted, with some ambitious commitments and breakthroughs from governments and corporations to more aggressively tackle the climate disaster. Yet, though there seems to be broad agreement on what needs to be done to stop the planet getting hotter — like getting to Net Zero emissions over the next few decades — big disagreements remain on how to pull it off.

As countries try to turn jobs green while also boosting exports to keep foreign cash flowing in, reliance on protectionist economic policies is becoming an increasing point of friction between governments. Here are two juicy examples where this dynamic is playing out.

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Can President Biden convince the average Joe that foreign policy matters?

President Biden may have convinced American allies that the US is back, but will It be difficult for him to convince his fellow Americans that engaging in the world is vital to protect interests at home? Former US ambassador Ivo Daalder believes that the COVID crisis has shown Americans that global problems can become local problems quickly. According to a Chicago Council poll, two-thirds of Americans believe that it is important for the US to play an active role in global affairs. Being involved is "no longer a luxury," Daalder told Ian Bremmer on GZERO World. "That's why a foreign policy for the middle-class is actually a pretty good slogan when you think about it, because it's trying to sell engagement, solving problems together with your friends and partners around the world, as a means to helping you achieve what you want every day - which is to have a good job that pays enough to take care of your family."

Watch the GZERO World episode: Has Biden convinced the G7 "America is back"?

What We’re Watching: China vs Australia, Kashmir talks, EU’s Putin FOMO

China-Australia trade row continues: In the newest installment of the deepening row between China and Australia, Beijing has launched a complaint against Canberra at the World Trade Organization over tariffs placed on three Chinese exports: wind towers, railway wheels and stainless-steel sinks. Australia says it was caught off-guard by China's suit — the tariffs have been in place since 2014, 2015, and 2019 — and that Beijing didn't go through the regular WTO channels nor pursue bilateral talks before filing the complaint. It's the latest move in a game of tit-for-tat: last year, Beijing slapped tariffs on Australian products like wine and barley, a massive blow to Australia's export-reliant economy. Since the Chinese crackdown on Australian wine, sales have fallen from AU$1.1 billion ($840 million) to just AU$20 million, prompting Australia to recently challenge Beijing's move at the WTO. China-Australia relations have become increasingly fraught over a range of issues including trade, Chinese spying, 5G, and Australia's call for a global probe into the origins of the pandemic.

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GZERO discussion examines how US foreign policy impacts all Americans

Why should Americans care about US foreign policy? Whether or not they relate to most "high-brow" diplomacy issues, they should be interested in how US foreign policy impacts their daily life via immigration, trade, America's role in the world, and even race. A few experts shared their thoughts on Tuesday, June 15, during the livestream conversation "How US Foreign Policy Impacts All Americans" presented by GZERO Media and sponsored by the Carnegie Corporation.

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Multinational corporations aren't about to give up on global business

An op-ed in the Financial Times argues that the era of borderless enterprise may be past, thanks to rising geopolitical tensions between the US and China. In "Geopolitics spells the demise of the global chief executive," Elisabeth Braw writes that the nationalities of companies and their chief executives now matter again and their ability to pursue a truly global business strategy will be limited. But has the situation actually changed? Ian Bremmer and Eurasia Group analyst Charles Dunst take out the Red Pen to explain that nationalities have always mattered, and many of these risks aren't new.

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No, Joe Biden, America is not back. It will take time.

Ian Bremmer's Quick Take:

Hi everybody, Ian Bremmer here, kicking off the week as we head into spring. And I thought I'd talk a little bit about where US foreign policy is and is not heading.

We keep hearing from President Biden and the Biden administration that the United States is back. And certainly when you talk about the fact that the United States is rejoining and recommitting to a lot of institutions like the nuclear agreement on START, five-year extension, trying to get back into the Iranian nuclear deal, Paris Climate Accord, World Health Organization, where there's been a lot of criticism of late from Secretary of State Blinken saying the Chinese are all over that, and were writing basically the report that came out from the WHO, my God, that's a hit, but they're still engaging with WHO as they should. Internationally, that means that the level of diplomacy looks a little bit more normal than it did under the Trump administration, but that's not the United States is back.

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Can AMLO live up to Mexico’s critical moment? Jorge Ramos discusses

Mexico finds itself at a critical moment in history: its populist president, Andrés Manuel López Obrador (also known as AMLO), appears unable to get control of the rampant violence that he promised to curb or of the raging coronavirus that he himself was just infected by. And during this moment of crisis, Mexico's most important trading partner, the United States, has just elected a new president. Outside observers were surprised by leftist AMLO's ability to get along so well with former President Trump. Will President Biden prove a tougher challenge? Ian Bremmer welcomes acclaimed journalist and Univision anchor Jorge Ramos to GZERO World.

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