• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Thursday, March 30, 2023
SLC Online News
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home News

Biden Following Trump’s Lead Dims The Outlook For U.S. Trade – Forbes

biden-following-trump’s-lead-dims-the-outlook-for-us.-trade-–-forbes
Share on FacebookShare on Twitter

A U.S. flag flies near containers stacked high on a cargo ship at the Port of Los Angeles on … [+] September 28, 2021, in Los Angeles, California. (Photo by FREDERIC J. BROWN/AFP via Getty Images)

AFP via Getty Images

In 2021, Joe Biden disappointed Americans who expected him to reverse Donald Trump’s protectionist trade policies. Will 2022 bring better policies? To find out, I asked three leading trade experts.

“I expect a modest—very modest—liberalization of the steel and aluminum tariffs, via managed trade [TRQ or tariff-rate quota] agreements with other U.S. allies like Japan,” said Scott Lincicome, a senior fellow in economic studies at the Cato Institute. “These will probably look a lot like the U.S.-E.U. (European Union) deal, meaning some tariff liberalization for a select amount of imports but below historical levels and nothing anywhere close to free trade. I expect all of the China tariffs to remain, and it’s a coin flip as to whether Biden will extend the solar safeguard tariffs in early 2022. If I had to wager on the latter, I’d put my money on an extension. Other than that, I expect more of Biden’s protectionist 2021 on things like Buy America, the Jones Act and other trade-related industrial policy (e.g., in the Build Back Better bill).”

What about U.S. policy changes toward multilateral agreements? “I don’t ‘expect’ it but wouldn’t be shocked to see the Biden administration re-engage on CPTPP [Comprehensive and Progressive Agreement for Trans-Pacific Partnership] after the November mid-terms,” said Lincicome. “Otherwise, maybe a little something at the WTO [World Trade Organization] but nothing groundbreaking.”

Other trade experts are only somewhat more optimistic. Adam S. Posen, president of the Peterson Institute for International Economics, does not expect the Biden administration to take many steps to remove protectionist trade policies. “They may substitute a more reasonable or useful set of targets for China trade than the so-called ‘Phase One’ agreement,” he said. “They may find other places to substitute quotas for tariffs as they did on steel and aluminum with the European Union. All that says they want managed trade, and will not rollback protection, even if they slightly improve its form.”

On the international front, Posen sees some possibilities for liberalization. “There are a few places where I think the Biden administration may encourage trade liberalization indirectly by pursuing other policies,” he said. “The implementation of the international corporate minimum tax should remove some major distortions to trade and some legitimate claims of injustice. Positive steps on decarbonization would remove a justification for future trade barriers.

“National security goals may push the Biden administration to encourage expansion of CPTPP (excepting China) and of E.U. relations East and South. The economy running hot with rising interest rates will diminish incentives for aggressive currency manipulation by others against the dollar. This might also lay the groundwork for a future U.S. administration to face less hostility to trade liberalization.”

“It would be a pleasant surprise if the Biden administration began to remove protectionist policies instituted during the Trump administration,” said Bryan Riley, director of the National Taxpayers Union’s Free Trade Initiative. “Last year, President Biden maintained the Trump administration’s ineffective tariffs on imports from China, modified instead of eliminating restrictions on steel and aluminum imported from allies, and watched from the sidelines as other countries lined up to join the Trans-Pacific Partnership. That’s a slow start, to say the least.”

Riley does not expect major movement on trade from the Biden administration in 2022. “The Biden administration is likely to keep trade policy on the back burner. If inflation fears mount, perhaps that will lead to some modest liberalization, but I wouldn’t bet on it. Congress may take action on the Generalized System of Preferences, which lowers tariffs on some imports from low-income countries, and the Miscellaneous Tariff Bill, which cuts tariffs on some imports used by U.S. manufacturers,” he said. “But it may also approve new subsidies for favored industries and embrace a government-led industrial policy.”

Riley thinks there is a chance that if Republicans take control of Congress “perhaps legislators will push back against Biden’s tariffs in a way they were unwilling to do during the Trump administration.” Still, looking ahead, the future of free trade in the Republican party remains uncertain. “The big question is whether the next Republican presidential candidate will be President Trump or someone similar, or someone who better understands the importance of trade for America’s future,” said Riley.

As 2022 began, the U.S. government remained mostly absent from important international trade developments. “China joins U.S. allies including Japan and Australia in a new Asia-Pacific trade agreement that launches Saturday—with the U.S. watching from the sidelines,” reported the Wall Street Journal, “The new Regional Comprehensive Economic Partnership, or RCEP, will eventually eliminate more than 90% of tariffs on commerce among its 15 member countries, in what economists say will be a boon to trade in the region.”

To most trade experts, it appears that while other countries are busy playing chess, U.S. leaders are playing checkers—and may even respond to world events by placing more tariffs on chess sets.

SLC Online News

© 2021 SLC Online News

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 SLC Online News

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT