Climate Before Trade
In economists' ideal world, humanity would fight climate change through a globally coordinated set of non-discriminatory trade policies. But in the world as it is, our only chance to ensure a sustainable future depends on letting governments pursue environmental goals independently, regardless of the impact on other countries.
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CAMBRIDGE – Late last month, a foreign leader accused US President Joe Biden of pursuing “super aggressive” industrial policies. It was not Russian President Vladimir Putin or Chinese President Xi Jinping, whose countries are America’s main geopolitical rivals. Nor was it Iranian President Ebrahim Raisi or Venezuelan President Nicolás Maduro, whose countries have struggled under the weight of US-led sanctions.