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What was the specific focus of Professor Sanjana Goswami's discussion on labor markets?
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How international trade agreements and shocks impact labor markets globally.
How do trade policies impact distributional outcomes according to Professor Sheng Wu?
Trade policies impact outcomes based on location, occupation, skill level, and education.
Explain the notion of job reallocations due to trade policies mentioned in the lecture.
Jobs lost in certain sectors while created in others due to cheaper input materials.
What were the potential shifts discussed in manufacturing bases to countries like India and Mexico?
Gradual shifts that were not expected to drastically affect China's manufacturing dominance.
According to the professors, why is China expected to maintain its dominance in global manufacturing?
Due to established capabilities, infrastructure, and a skilled labor force.
What policy recommendations were highlighted in the lecture?
Need for thoughtful trade policies considering long-term implications on global stability, labor markets, and distribution.
What was the focus of Professor Sheng Wu's research in supply chains and international trade?
Supply chain impacts of COVID-19 and trade wars.
Why is stability and predictability in tariffs important for long-term business planning?
To enable businesses to plan for the future and make informed decisions without sudden disruptions.
Describe the massive increase in Chinese manufacturing discussed in the lecture.
China's significant growth in manufacturing over a few decades, becoming a global export leader.
Explain the concept of the 'China Shock' as discussed in the lecture.
Trade shock related to China's rapid ascent in global manufacturing and its effects on global trade dynamics.
What are the persistent effects of trade shocks on the U.S. manufacturing sector?
Permanent job losses and earnings reductions.
Why is understanding global supply chains and international trade dynamics crucial?
To navigate the complexities of global trade for policymakers, businesses, and academia.
What were some insights shared regarding the short-term impacts of the U.S.-China trade war?
Full pass-through of tariffs to consumers and significant increase in tariffs imposed by both countries.
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