The Biden administration has passed landmark legislations such as the Inflation Reduction Act (IRA) and the CHIPS and Science Act, which provide subsidies in clean energy and semiconductors worth well over $400 billion. But the inducements encourage U.S. companies to invest only at home—not elsewhere. Opportunistic firms in Asia and Europe have already begun to relocate investments to the United States.

Cue the protests from other parts of the globe: A chorus of nations are accusing Washington of fostering unfair competition.

But it's not just the United States. The world over, countries are embarking on ambitious projects of industrial policy. What does that mean for trade and globalization?

FP's Ravi Agrawal sat down with U.S. Trade Representative Katherine Tai, the Biden administration's top official tasked with mapping out and implementing the White House's trade policy. Watch the conversation on FP Live, the magazine's forum for live journalism, or read a condensed transcript.