Trade has been the most significant engine driving U.S. economic growth and will likely play a key role in shaping the Obama administration's foreign policy.
But difficulties loom. The world trade system is in a perilous state, following the failure of the Doha Development Round last summer. In the United States, there are growing calls for protectionism -- visible in efforts to defend failing industries and to direct government purchases toward U.S. suppliers. The global financial crisis adds to the problem.
Philip Levy, resident scholar at the American Enterprise Institute, will discuss the issues and challenges that the Obama administration currently faces.