One thing Biden and Trump have in common
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One thing Biden and Trump have in common
warning in its report
A lot changed when President Trump left the White House in 2021 and President Biden moved in. But one thing didn’t: a protectionist effort to bring more production back to the United States and become less dependent on China.
Biden’s policy toward China differs from Trump’s, but the goal is the same: To rework supply chains so more crucial goods come from American suppliers and friendly nations and fewer come from China. But economists are starting to warn that this “decoupling” of the two economic powerhouses could backfire and bring more fragility, instead of more self-reliance. Trump's strategy didn't work, and there are now signs that Biden's approach may stumble as well.
Trump focused on the large U.S. trade deficit with China, slapping tariffs on hundreds of billions of dollars’ worth of Chinese imports. By making Chinese imports more expensive, that was supposed to spur more U.S. manufacturing of similar goods, which would face a smaller price disadvantage because of the tariffs or even be cheaper.
The Trump tariffs didn’t do what they were supposed to: the U.S. trade deficit with China hit a new record in 2022, as U.S. importers either ate the higher costs, passed them on to consumers, or found workarounds. But Biden kept the Trump tariffs in place, anyway. Biden counts labor unions as a key constituency, and unions favor protectionist measures that make imports more expensive and give an edge to domestic production.
Biden has since gone a lot further than Trump, pursuing what economists call “industrial policy,” or an active government role directing key sectors of the economy. Two bills Biden signed last year, the Inflation Reduction Act and the CHIPS Act, include tax breaks and other powerful incentives to bring the manufacturing of semiconductors, electric-vehicle components and many other things back to the United States. Biden has also imposed a new ban on sale of advanced American technology to China, which is more focused on national security than economic competition. That’s meant to prevent China from using advanced semiconductors and other cutting-edge tech in weapons or other systems that could give China a military edge.
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