In 2016, Donald Trump made it clear that he had a different stance on trade with China when he ran for the presidency. His platform included a more aggressive approach towards trade with China, which led to the US-China Trade War becoming a significant concern during his time in office. Even after Biden took over, his administration continued the Trump tariff regime and implemented stricter restrictions targeting China’s technology usage, particularly on semiconductors. Now that Trump is looking to get the Republican presidential nomination again, he is proposing even higher tariffs, potentially exceeding 60% on Chinese goods.
These proposed tariffs have raised questions about their impact on the US economy and global trade. To explore these potential effects, Bloomberg has released a podcast episode featuring Tom Orlik, chief economist at Bloomberg Economics, and Mackenzie Hawkins, US industrial policy reporter for Bloomberg News. They provide an in-depth analysis of the implications of these proposed tariffs on the US economy and global trade.
The podcast discusses various topics related to economic roles of tariffs, how they were implemented under both Trump and Biden administrations, and how increased tariffs would affect the US economy. It also examines the potential consequences of continued tariff implementation on clean energy, electric vehicles market and global economic cooperation.
As the future of US-China trade relations continues to evolve understanding the potential impacts of heightened tariffs is crucial for both economic and geopolitical reasons. Engaging in comprehensive analysis and discussions on these topics is essential for informing decisions related to trade policy and broader economic strategies.