Biden Should Finish Trump’s One Good Trade Idea

 

Biden Should Finish Trump’s One Good Trade Idea





The Biden administration is within the middle of a review of its predecessor’s record on China, including its national trading policy actions. the decision won’t be positive.

Former President Donald Trump’s tariffs on $550 billion worth of Chinese imports and Beijing’s commitment to increased purchases of U.S. products under the Phase One agreement signed in January 2020—prominent samples of the previous White House’s “negotiate bilaterally, punish unilaterally” approach to trade policy—did nothing to vary the foremost troublesome aspect of China’s economic behavior: its subsidies to its state-owned enterprises. By creating unfair competition for U.S. workers, these subsidies still threaten equity reception . And by undermining multilateral rules, they weaken the planet Trade Organization (WTO) through which the US has traditionally pursued its interests within the global economy.

It would be an error , however, for the Biden administration to abandon everything of Trump’s national trading policy toward China. Instead, it should make a priority of reviving and strengthening the one element of Trump’s national trading policy with promise: the U.S.-EU-Japan trilateral initiative to make new global trade rules.

The trilateral was launched with a joint statement by the US , the ecu Union, and Japan on the heels of the Buenos Aires ministerial conference of the WTO in December 2017. While China isn't explicitly mentioned, it's clear that its distorting economic behavior is what the governments had in their sights.


Read more at Biden President

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