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This talk looks at three core elements of the problems: measurement of the links that expose supply chains to disruptions, the nature of the shocks that cause the disruptions, and the criteria for policy to mitigate the impact of disruptions. Utilizing global input-output data, we show that US exposure to foreign suppliers, and particularly to China, is ‘hidden’ in the sense that it is much larger than what conventional trade data suggest. We argue that many recent shocks to supply chains have been systemic rather than idiosyncratic. Moreover, systemic shocks are likely to arise from climate change, geoeconomic tensions, and digital disruptions. Our principal policy conclusion is that concerns regarding supply chain disruptions, and policies to address them, should focus on individual products, rather than the whole manufacturing sector." The talk is based on a BPEA paper presented 28 September 2023, co-authored with Rebecca Freeman (Bank of England) and Angelos Theodorakopoulos (Aston Business School). Information Time and Date: 12:15-13:15, Tuesday, December 19, 2023 (JST) Venue: Online Language: English Admission: Free Host: Research Institute of Economy, Trade and Industry (RIETI) Speakers Speaker: Richard BALDWIN (Professor of International Economics, IMD Business School, Lausanne) Richard Baldwin is Professor of International Economics at the IMD Business School in Lausanne, and Founder and Editor-in-Chief of the policy portal VoxEU.org. He publishes widely on topics related to trade, regionalism, and globalisation. He regularly advises governments and international organisations on globalisation and trade policy issues. Before moving to Switzerland in 1991, he was a Senior Staff Economist for the President's Council of Economic Advisors in the Bush White House (1990-1991) following trade matters such as the Uruguay Round and NAFTA negotiations as well as numerous US-Japan trade conflicts. He has been an adviser and consultant to many international organizations and governments. He did his Ph.D. in Economics at MIT with Paul Krugman and has published a half dozen articles with him. Before that he earned an M.Sc. at LSE (1980-81), and a B.A. at UW-Madison (1976-1980). His most recent book is The Globotics Upheaval: Globalization, Robotics and the Future of Work, has been translated into Japanese. 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