 This first plenary session deals with the economic challenges for the next five years. We have a group of eight experts to deal with these issues. The panel will proceed in two parts, each part approximately 55 minutes, with four speakers on each of the two parts of the panel. This first part will deal with some of the global challenges that we face in the international economy. I believe that the principle of an open world economy currently faces its greatest challenge since World War II, not simply due to the trade policies of the Trump administration. All over the world there are political movements, political parties, governments, increasingly powerful forces that are extremely skeptical of the process of economic integration that has characterized the world economy for most of the last 75 years. These populist movements vary tremendously, one from the other, but they share, in my view, a strong distaste for measures that are seen as impinging on national sovereignty and national prerogatives, including perhaps especially measures having to do with the international economy. These populist movements also share, at least in my view, a strong distaste for what President Trump and others call globalist elites, which would be us, I think. The question that many of us are asking is what the future will bring over the coming period as the world economy faces these very difficult problems. Fortunately, we have four outstanding speakers and then four more coming up to deal with these challenges. I am not going to spend much time on the extraordinary biographies of the people that we'll be talking to. You can look in your program materials to get more details on what they've done over the course of their careers, but I will introduce them in order. First, let me just tell you who the four are. On my geographical left here is Kimmel Derwish of the Brookings Institution. Next to him is Marcus Noland of the Peterson Institute. Next to him is Ilsa Kong of the Institute for Global Economics. And finally, but certainly not least, Chao Yide of the Shanghai Development Research Foundation. They will speak in that order, and I have asked each of them to restrict themselves to five to seven minutes for initial remarks, after which we will turn to some conversation among ourselves, and then if time allows, open it up to the floor.