In recent years, U.S. trade policy has been marked by significant shifts under the administrations of President Joe Biden and President-elect Donald Trump. Both leaders have utilized tariffs as a tool to address economic challenges, but their objectives and strategies differ notably.
Trump Administration's Tariff Objectives
President-elect Donald Trump has signaled a return to his notable approach, emphasizing tariffs over alliances. He plans to increase tariffs on goods from Canada, Mexico, and China to address illegal migration and decrease fentanyl that's trafficked into the U.S. This in turn will create more factory jobs, shrink the federal deficit, lower food prices, and allow the government to subsidize childcare.
Biden Administration's Tariff Objectives
In May 2024, the administration announced increased tariffs on Chinese imports. President Biden's approach to tariffs is to protect American industries and fair trade practices. Unfortunately, this included electric vehicles (EVs), solar cells, steel, aluminum, and medical equipment.
Causing a decline in the share of China’s exports to the U.S. from 19% in 2018 to 15% in 2023. These tariffs are set to be phased in over the next three years. The administration's strategy reflects a commitment to a worker-centered trade policy that emphasizes trade practices and supports U.S. farmers, ranchers, fishers, and food manufacturers.
Summary
While both administrations have utilized tariffs as a tool to address economic challenges, their objectives and strategies differ notably. The Trump administration's approach focuses on reducing the trade deficit and addressing issues such as illegal migration and the decreasing fentanyl in the U.S.The Biden administration protects American industries and fair trade practices. In contrast, These differing approaches reflect the broader economic philosophies of the two administrations. Which option do you believe will most effectively boost America's economic health?
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