China is surpassing Japan in 2023 to become the world's leading exporter of cars. BYDs, Cherys and Zeekrs are finding their way to more than 100 markets worldwide. Top destinations include Russia, Mexico, Australia and Spain. Never before in the history of the car has the world witnessed such explosive growth in car exports from a single country. Not surprisingly, the blitz of Chinese cars on global roads has unsettled auto executives and policy leaders alike. How on earth will legacy automakers compete with China's overwhelming advantages in costs? How should Europe and the United States respond? Some early reactions have already surfaced. The Trump Administration put in place a 27.5% tariff on vehicles imported from China. And the president of the EU Commission just launched an anti-subsidy probe on Chinese automakers. What else can policymakers do? Wendy Cutler, our special guest today, walks us through the ups and downs of trade agreements with China since the PRC's accession to the WTO in 2001.