Miran emphasizes that the Trump administration has a unique opportunity to redefine the international trade system, aiming to counter the detrimental effects of the "China shock." He believes strengthening America’s global competitiveness through reindustrialization will be pivotal for the country moving forward.
Discussing the impact of current free trade policies, Miran indicates that America has lost its technology leadership position due to a significant drop in high-tech exports. The share of global high technology exports for the U.S. fell from 18 percent to just 7 percent between 1999 and 2016.
Miran points out the essential role of the U.S. dollar in global trade and highlights that its overvaluation significantly harms the manufacturing sector. This situation, according to him, undercuts the competitiveness of American products in international markets.
Miran is clear that reshaping the global trading system will not be an easy task. He notes that the first step involves reconfiguring the dollar's role, as the current Washington strategies will have to evolve for better economic outcomes.
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