Ep. 48 – WITA’s Friday Exchange: The Strait Ahead to a Fragile Truce: Iran, China, Europe and the Coming 301s
Watch or listen on Spotify or Apple Podcasts.
Former Trade Negotiators Discuss This Week’s Tariff Trade Developments.
On this week’s episode of WITA’s Friday Exchange, our trade insiders discussed the Trump administration’s new Memorandum of Understanding (MOU) with Iran and its implications for global trade, energy markets, and supply chains. They also examined the future of the Strait of Hormuz, including how provisions that could give Iran a larger role in the waterway’s management may affect maritime governance, regional security dynamics, and discussions surrounding the 24 global maritime chokepoints.
They also explored the fragile U.S.-China trade truce, growing European concerns over Chinese over-capacity and subsidies, and the prospects for greater transatlantic coordination on China-related trade challenges. Finally, the group debated whether the administration’s expected Section 301 tariffs on forced labor and excess capacity are targeted efforts to address Chinese economic practices or a strategy to expand tariffs on trading partners around the world.
Featured Speakers:
Wendy Cutler
Senior Vice President; former Acting Deputy U.S. Trade Representative
Asia Society Policy Institute
Wendy Cutler is Senior Vice President at the Asia Society Policy Institute (ASPI), based in Washington, D.C. In this role, she focuses on leading initiatives that address challenges related to trade, investment, economic security, and innovation, as well as women’s empowerment in Asia.
Cutler joined ASPI following an illustrious career of nearly three decades as a diplomat and negotiator in the Office of the U.S. Trade Representative (USTR), where she also served as Acting Deputy U.S. Trade Representative. During her time at USTR, she worked on a range of bilateral, regional, and multilateral trade negotiations and initiatives, including the U.S.-Korea Free Trade Agreement, the Trans-Pacific Partnership, U.S.-China negotiations, and the WTO Financial Services negotiations.
Cutler has published a series of ASPI papers on the Asian trade landscape and serves as a regular media commentator on trade and investment developments in Asia and the world.
Ed Gresser
Vice President and Director for Trade and Global Markets
Progressive Policy Institute
Ed Gresser is Vice President and Director for Trade and Global Markets at PPI. Gresser rejoined PPI in 2021, after an earlier tour from 2001 to 2011. Before rejoining, he served from 2015 to 2021 as the Assistant U.S. Trade Representative for Trade Policy and Economics at the Office of the United States Trade Representative (USTR), where he led USTR’s economic research unit, oversaw the Generalized System of Preferences, and chaired the 21-agency Trade Policy Staff Committee.
Gresser began his career on Capitol Hill before serving at USTR as Policy Advisor to USTR Charlene Barshefsky from 1998 to 2001. He then led PPI’s Trade and Global Markets Project from 2001 to 2011. After leaving PPI, he co-founded and directed the independent think tank ProgressiveEconomy until rejoining USTR in 2015.
Gresser is a graduate of Stanford University and holds a master’s degree in International Affairs from Columbia University, along with a certificate from the Averell Harriman Institute for Advanced Study of the Soviet Union. He is the author of Freedom from Want: American Liberalism and the Global Economy (2007), has published in a variety of journals and newspapers, and regularly testifies before congressional committees on trade and global-economy topics. His research has been cited by leading academics and international organizations including the WTO, World Bank, and International Monetary Fund, and has been covered by outlets ranging from the New York Times and Washington Post to Vogue, NPR, CNN, Politico, the Wall Street Journal, and the Financial Times.
In 2013, the Washington International Trade Association presented Gresser with its Lighthouse Award, given annually to an individual or group for significant contributions to trade policy.
Dawn Shackleford
President
Looking Glass Trade, LLC
Michael Smart
Managing Director; former Director for International Trade and Investment, National Security Council, The White House; former Trade Counsel, Democratic Staff, U.S. Senate Committee on Finance
Rock Creek Global Advisors
Michael J. Smart is a Managing Director at Rock Creek Global Advisors, where he focuses on international trade and investment policy, including market access and regulatory matters. He also advises multinational companies on sanctions, supply chain policy, and trade-related climate measures.
Mr. Smart previously served as Trade Counsel on the Democratic staff of the US Senate Committee on Finance. In that role, he advised Chairman Max Baucus (D-MT) and members of the committee on various trade matters, including World Trade Organization negotiations and dispute settlement, free trade agreements, agricultural trade, and the trade aspects of legislation to address climate change.
Before joining the Finance Committee, Mr. Smart was Director for International Trade and Investment on the staff of the National Security Council at the White House. Mr. Smart focused on the Doha Development Agenda, trade in financial services, free trade agreements, and bilateral investment treaties. He also served as the lead White House staff for cabinet-level dialogues with Brazil and India.
Mr. Smart was previously an associate at the law firm of Sidley Austin LLP, where his practice focused on international trade and investment policy and dispute resolution. He represented companies and governments in WTO, investment treaty, and NAFTA disputes. Earlier in his career, Mr. Smart was Legislative Director for former Congressman Earl Pomeroy (D-ND).
Mr. Smart has appeared on CNN International, BBC News, Bloomberg News, and Channel News Asia and has been quoted in publications such as the New York Times, Washington Post, Wall Street Journal, Politico, and Financial Times.
Mr. Smart is a member of the Executive Circle of the Institute of International Economic Affairs at The George Washington University and a member of the Board of Directors of the Washington International Trade Association. Mr. Smart received his BA in International Affairs from The George Washington University (Phi Beta Kappa and magna cum laude) and his JD from Georgetown University Law Center (cum laude).
