For our last American Hour, members-only fireside chat series that took place on Wednesday, 3 June, we had the pleasure of welcoming Chad Bown, Economist, Peterson Institute for International Economics and Reginald Jones, Senior Fellow, Peterson Institute for International Economics. The conversation was moderated by Taggart Davis (JP Morgan), Chair, Transatlantic Task Force and Vice-Chair, Board, AmCham EU.

Chad Bown described the difference between the 2008 financial crisis and today’s pandemic. He insisted that there is a stark difference in the response by the international community shown during the two crises. Participants also discussed trade remedies and how these tend to be used by governments during economic recessions. It was concluded that there is a strong possibility that many governments will start using countervailing duties (ie, anti-subsidies tariffs) and raise tariffs between countries worldwide to counter the upcoming recession.