Summary of The deceptive promise of free trade | DW Documentary

This is an AI generated summary. There may be inaccuracies.
Summarize another video · Purchase summarize.tech Premium

00:00:00 - 00:40:00

The documentary discusses the benefits and drawbacks of free trade, and how it has been deceiving the people of the world. It explains that import tariffs play a role in protecting domestic industries, and that it is important to protect them in an era of global free trade.

  • 00:00:00 The documentary discusses the benefits and drawbacks of free trade and how it has been deceiving the people of the world. It explains that import tariffs play a role in protecting domestic industries, and that it is important to protect them in an era of global free trade.
  • 00:05:00 The video discusses how the free trade policies of the European Union lead to high import tariffs on Chinese bicycles, which helps to protect European bicycle manufacturing industries. However, there are ways around these tariffs, such as having the bikes' frames produced in other countries, before they are assembled in Europe. This allows Chinese bikes to be priced higher than their American counterparts, but without the tariffs.
  • 00:10:00 The video discusses the benefits and drawbacks of free trade, specifically its impact on the US economy. It also covers the story of a man who lost his job due to free trade, and how a small group of employees was able to negotiate a settlement that kept the plant open.
  • 00:15:00 The video discusses how globalization has led to the loss of many jobs in the US, and how the Schmidt family has had to move around a lot due to plant closures. Sarah Parker and her neighbor Susan Schweickart say that they are not losers because they can still buy products from various places, and that it is only food and cars that are now made in other countries. Parker also says that she made an exception when she bought a Volvo, as the Swedish car company now belongs to a Chinese multinational. She admits that she has difficulty buying American-made products, but says that it is all about choices. Her nationalist agenda is seen by some as being a problem, but she insists that it is only a problem if people only buy American-made products.
  • 00:20:00 The documentary examines the history of protectionism and its consequences, including the Second World War. It describes how the WTO has come under criticism for not enforcing free trade principles, and how European tile makers are facing competition from China. Tariffs are being put in place to keep these businesses afloat, but if they didn't exist, the Chinese manufacturers would soon beat the Europeans at their own game.
  • 00:25:00 The video discusses the negative effects of free trade on African farmers, who can no longer afford to grow onions due to competition from imported European onions. Cameroon would need to raise import duties even more if it wants to continue growing onions, as a new free trade agreement with the EU prohibits that. While Dutch onions cost 1/3 less than homegrown varieties, they're still expensive for the farmers when other agricultural products, like garlic from China, are flooding the market. European overproduction is undercutting Africa's agriculture sector, and the new free trade agreements with the EU don't allow Cameroon to protect its industry with punitive tariffs. Europeans are forgetting that African countries must build their own markets before expecting the EU to help them.
  • 00:30:00 In this documentary, Swiss farmers explain why they support more food security and quality by imposing import duties on certain products. The farmers also insist that free trade is not compatible with production standards, and that it's important to support small farmers in developing countries.
  • 00:35:00 In this documentary, Koa, a Cameroonian chicken farmer, talks about how free trade has helped her business, but she worries about the future. Critics of free trade argue that it widens the gap between rich and poor, and that it doesn't benefit the world's poorest people.
  • 00:40:00 The video discusses the global trade debate, highlighting the benefits and drawbacks of free trade. It argues that the current model, in which countries invest in each other to gain access to resources, is fundamentally flawed and will always remain one. The video concludes that true free trade is a myth, and that protectionism is the only way to sustain prosperity in the long term.

Copyright © 2023 Summarize, LLC. All rights reserved. · Terms of Service · Privacy Policy · As an Amazon Associate, summarize.tech earns from qualifying purchases.