Global imbalances are rising again. At the same time, increased recourse to industrial policies and trade restrictions adds complexity to understanding what drives these imbalances and how to address them. New IMF analysis offers a framework for understanding how traditional macroeconomic policies, as well as trade and industrial policies, impact external positions and generate spillovers. This high-level seminar brings together policymakers and academics to discuss the current state of imbalances and the risks posed by these imbalances, and the policies needed for orderly and sustainable adjustment.