The Trump-Biden 2.0 presidential race this year is leading down the road to competitive protectionism. Here’s various quote from recent article discussing this unfortunate, and all too obvious, development.
…. “Donald Trump famously and proudly declared himself Tariff Man during his presidency …. President Joe Biden is now seizing the moniker …. Biden’s anticipated refocusing of Trump tariffs first rolled out in 2018 to target Chinese electric vehicles will mark yet another escalation in the US trade relationship with China …. The US is already an active combatant in the EV wars thanks to the billions of dollars in subsidies being rolled out thanks to Biden’s embrace n of industrial policy …. Those subsidies and similar ones for semiconductors will likely remain more consequential economically than even 100% tariffs on Chinese EVs given the US imports very few actual vehicles from China …. Like Trump’s promise of even more — appear mainly to be about politics and this year’s election …. Just how much these latest tariffs will alter the US economic competition with China or US automakers and consumers’ shift to EVs will take years to determine.” ”Biden and Tariff Man Trump.” Bloomberg (May 13, 2024).
…. “The Biden administration is discussing raising tariffs on some Chinese goods, including electric vehicles, in an attempt to bolster the U.S. clean-energy industry …. Biden administration officials, long divided over trade policy, have left in place Trump-era tariffs on roughly $300 billion of Chinese goods …. Chinese EVs are already subject to a 25% tariff, Raising that tariff, which comes on top of a 2.5% tariff on auto imports …. Trade with China is quickly emerging as a major issue in the 2024 presidential contest.” “Biden and Tariffs on EVs.” Wall Street Journal (May 11th, 2024).
….“The Biden-Trump trade war is simply accelerating the erosion of the open trading system created by the U.S. in the anti-Soviet era …. Trump would find little legal authority to impose a general and nondiscriminatory tariff; he and other presidents, in contrast, are absurdly supplied with legislative pretexts for favor-factory-style protectionism, the kind guaranteed to provoke tit-for-tat retaliation. This isn’t the 1930s but the risk goes up when nations are under internal stress ….Trump trade folly at least could hardly be as gratuitous as the folly Mr. Biden seems determined to commit. Mr. Biden shows every sign of wanting to start a global trade war.” “Whose Trade War is Worse — Biden’s or Trump’s?” Wall Street Journal (May 11, 2024).
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