Joshua P. Meltzer

U.S. leadership is premised on putting forward rules that other countries can buy into and requires consistency and predictability. That’s one of the harms of pulling out of the TPP—a lot of countries really went out on a limb, and it really raises a huge question mark, because they’d be extremely cautious about going down a similar path with the United States again.

This [COVID-19] crisis has shored up and spotlighted the strength of the dollar. It underscores that when there is a crisis the only asset anyone wants to hold is dollars.