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Join host Justin Hayden Miller, a global trade lawyer, as he interviews Richard Corbett, former Leader of the European Parliamentary Labour Party and CBE recipient, on Brexit and the recent UK-EU Reset Summit. Recorded the morning after the summit on 21 May 2025, Corbett shares his insights on Brexit, its economic consequences, its trade and business impacts as well as the summit's outcomes. Key discussions include:

- Brexit’s Economic & Trade Impacts: Corbett reflects on the 2016 referendum, the flawed Remain campaign, and Brexit’s economic toll, with a 4-5% GDP loss and £40 billion in annual lost tax revenue, as per the OBR.

- UK-EU Reset Summit: The summit addressed trade barriers, security cooperation, and agriculture, but Corbett notes it’s a modest step, not fully resolving customs union and single market challenges.

- Trade Challenges: From red tape to rules of origin, businesses face ongoing hurdles, with limited summit relief for most sectors.

- Security & Geopolitics: Post-Brexit, the Russian invasion of Ukraine and US policy shifts under Trump highlight the need for UK-EU collaboration.

- Future Relations: Corbett sees the summit as a mindset shift, paving the way for deeper UK-EU ties, potentially rejoining the EU by 2033.

Corbett also discusses Margaret Thatcher’s European stance, the summit’s “reset” terminology, and possible future Labour representation in the European Parliament. A must-listen for insights into UK-EU relations and global trade dynamics.

Margaret Thatcher clips: © UK Parliamentary Recording Unit, All rights reserved

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Email: privilegeddiscussions@gmail.com

*Disclaimer: This podcast is simply for informational and entertainment purposes only and does not in way constitute legal, business, financial or other advice whatsoever. Should you require advice then please seek such from an appropriately qualified professional, explaining your specific circumstances.

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Hosted by Justin Hayden Miller, a Global Trade lawyer (with 25 years' experience) formerly at the Big 4 and now partner in one of Europe's largest commercial law firms.

**Episode Description**

In this episode, we dive into President Trump’s ambitious “Made in America” policy, exploring whether his push to bring manufacturing back to American soil will succeed—or falter.

The episode blends economic insights, practical life lessons and storytelling, to determine whether Trump's policy will be a success or not.

**Key Topics Covered**

- Comparative Advantage Explained: Why countries specialize (e.g., Germany’s cars, U.S. fracking gas) and how Trump challenges this economic cornerstone.

- Life Lessons: How to apply *Comparative Advantage* to your personal and professional life for better productivity and collaboration.

- Trump’s Tariffs: The economic shockwaves of tariffs on Canada and China.

- The Plant Metaphor: How a “cast iron” Aspidistra mirrors the U.S. economy and the risks of “transplant shock” in Trump’s on-shoring strategy.

- Will It Work?: Is moderation required to have a chance of working and to avoid economic upheaval?

**Call to Action**

- Subscribe: Don’t miss an episode—subscribe on Buzzsprout, Spotify, Apple Podcasts, or your favorite platform!

- Share: Loved this episode? Share it with friends, family, or colleagues to spark a conversation about America’s economic future.

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Don’t forget to rate and review to help us grow!

**Resources & References**

- IBISWorld Report: [Canada’s Shrinking Auto Industry](https://www.ibisworld.com/canada/industry-trends/biggest-exporting-industries/)

- BBC Article: [Challenges of Relocating North American Auto Industry](https://www.bbc.com/news/articles/cn7vjlv7pzdo)

- David Ricardo’s *Comparative Advantage* (1817): Learn more about this foundational economic theory.

- Adam Smith’s *The Wealth of Nations* (1776): The roots of *Absolute Advantage*.

Tags: #TrumpPolicies #MadeInUSA #ComparativeAdvantage #EconomicsPodcast #Tariffs #GlobalTrade #PersonalProductivity

**Next Episode Teaser**

Brexit!

If you like the podcast, please subscribe so you don't miss any episodes and leave a rating. Also tell friends and colleagues about it so the podcast can grow.

*Follow Justin on X: @JustinHaydenM

Email: privilegeddiscussions@gmail.com

*Disclaimer: This podcast is simply for informational and entertainment purposes only and does not in way constitute legal, business, financial or other advice whatsoever. Should you require advice then please seek such from an appropriately qualified professional, explaining your specific circumstances.

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Justin Hayden Miller (Global Trade lawyer) discusses steel - its history, its place in the 1929 Wall Street Crash, through to its future.

The episode is published to coincide with the NASCC: The Steel Conference event in Louisville, Kentucky, on April 2, 2025,

In particular, the episode addresses:

- The interwar period: between, WWI and WWII: the 1920s and the 1930s

- Jay-Z’s track $100 Bill, the lyrics of which concern the Roaring Twenties and the 1929 Wall Street Crash, with references to steel in the song.

- Comparisons between today’s economic events and those of the 1920s and 1930s

- The phrase: "History don’t repeat itself, but it rhymes”, attributed to Mark Twain

- The importance of steel as a commodity. Steel commodity prices per ton and steel production in the1920s

- Reasons for the drop and crash in steel prices in 1929: buying “on the margin”

- Iconic buildings of the 1920s and 1930s using steel as architectural frames: the art deco New York Chrysler Building and the Empire State Building

- The importance of knowing as much about a product as possible, before advising on importation and Customs issues concerning it

- The sound of a train on steel tracks and similarities with movie Star Wars' sound effects

- Physical properties of steel

- The role of steel for any manned mission to Mars

- Steel used for spaceship components; Space X and Elon Musk’s Starship

- The composition of steel

- Stainless steel’s invention by Harry Brearley, and the story of stainless steel in Sheffield ("rustless steel”)

- Steel as a barometer of the world economy

- the current price of steel and oversupply

- US steel demand and tariffs

- European Union Steel Safeguard Measures: the EU Tariff Rate Quotes (TRQ) and Anti-Dumping tariffs

- An explanation of Absolute Quota Systems and Tariff Rate Quotes (TRQ), using analogies

- Trade Diversion and protective measures

- A comparison between the properties of steel and those of world and economic leaders

ARTISTIC REFERENCES:

$100 Bill (Song) Rap, Hip-Hop

Written by Jay-Z and Producer, Evan Mast.

Written for the 2013 film adaptation The Great Gatsby.

Recorded May 6, 2013.

Label: Interscope. Produced by E. Vax.

Spotify: https://open.spotify.com/track/4XP935ZDMy36SyYGB8wadP

The Great Gasby (movie) 2013

Directed by Baz Luhrmann; Starring Leonardo DiCaprio, Tobey Maguire and Carey Mulligan.

Distributed by Warner Bros. Pictures

Release Date: May 1, 2013 (New York City)

Star Wars (Movie) 1977

Written and Directed by George Lucas.

Starring: Mark Hamill, Harrison Ford, Carrie Fischer, Peter Cushing and Alex Guinness

Distributed by 20th Century Fox

Release Date: May 2, 1977

If you like the podcast, please subscribe so you don't miss any episodes and leave a rating. Also tell friends and colleagues about it so the podcast can grow.

*Follow Justin on X: @JustinHaydenM

Email: privilegeddiscussions@gmail.com

*Disclaimer: This podcast is simply for informational and entertainment purposes only and does not in way constitute legal, business, financial or other advice whatsoever. Should you require advice then please seek such from an appropriately qualified professional, explaining your specific circumstances.