The ongoing trade negotiations between the United States and China have the business world in a state of flux. Uncertainty is a condition in which no business wants to be in and in some cases, this uneasiness can shutter companies.
Northwestern University Kellogg School of Management Adjunct Professor Phil Levy specializes in trade strategy. He served from 2003-2006 as senior economist for trade for the Council of Economic Advisers under President George W. Bush and later as a member of Secretary of State Condoleezza Rice’s Policy Planning Staff.
With a recent increase in tariffs on Chinese imports, and a retaliatory action by the Chinese on certain U.S. goods, it is unclear whether a new trade deal will be reached anytime soon. Levy points out the industries that are being hardest hit, and areas where consumers are seeing tangible impacts of these actions.
Still, Levy did offer solutions to the current situation, and where businesses might be able to turn for economic prosperity, at least in the near term. Unfortunately for some, Levy notes, even if a trade deal is struck, international business partnerships may be hard to repair.
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