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The President & the Executive Branch Discuss Trump's Trade War Failed. Can Biden Do Better? at the Political Forums; Trump's Trade War Failed. Can Biden Do Better? Tariffs simply failed to do the job Trump and advisors such as ...

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Old 09-10-2020, 04:28 PM
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Default Trump's Trade War Failed. Can Biden Do Better?

Trump's Trade War Failed. Can Biden Do Better?

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Tariffs simply failed to do the job Trump and advisors such as economist Peter Navarro and trade representative Robert Lighthizer wanted them to do. They may have hurt Chinaís economy somewhat, but at the cost of also hurting U.S. consumers in the process. And they didnít accomplish any of their primary stated purposes ó cutting the trade deficit, increasing U.S. competitiveness relative to China, or restoring U.S. manufacturing.
Why?
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Basic intuition says tariffs make imports more expensive, pushing domestic consumers to shift toward domestically produced goods. Exports donít get taxed under the tariff, so they shouldnít be affected. According to this logic, tariffs should make the trade deficit go down, and domestic producers should get a boost from all the consumer demand that gets pushed their way.
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So itís technically possible that Trumpís tariffs worked as designed, but their effect was simply swamped by other, much larger forces buffeting the economy. After many years of tariffs, maybe we would have seen a slight positive effect on the trade balance and manufacturing.

But the likelier possibility is that tariffs hurt exactly the U.S. companies they were designed to help. The reason is that trade isnít the simple two-way exchange Lighthizer and others seem to imagine, with each country making products domestically and then trying to sell them; instead, it involves many countries and a vast web of supply chains.
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With the U.S. presidential campaign heading into the home stretch, President Donald Trump will surely try to tout his record on economic issues. But the numbers donít speak well of his policies. Unfortunately, the approach of his rival, Joe Biden, threatens to make some of the same mistakes.
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Unfortunately, Bidenís ďBuild Back BetterĒ program includes provisions to force government contractors to buy American-made products. This has much the same effect as tariffs ó protecting U.S. products from foreign competition, but making their inputs more expensive at the same time. Itís likely to raise costs and decrease competitiveness.
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A much better approach is to focus on promoting exports rather than protecting the domestic market. Helping U.S. companies compete in foreign markets will address the trade deficit without damaging their supply chains. It will also potentially increase their productivity, by nudging them to succeed in more competitive international markets rather than sheltering them in an noncompetitive, cosseted domestic market. There are many policies a Biden administration could use to promote U.S. exports; none involve tariffs.

Tariffs, and other protectionist policies, arenít suited to a world of complex supply chains. The idea that U.S. companies are best served by walling them off from the world needs to be relegated to the dustbin of history.
So what should our trade policies be?
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Old 09-11-2020, 07:50 AM
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Default Re: Trump's Trade War Failed. Can Biden Do Better?

Unlikely Biden would do better. His deeds speak louder than any vote baiting rhetoric. Biden's support of NAFTA cost America 850,000 jobs.

https://www.donaldjtrump.com/media/k...cord-on-trade/

How many American Jobs were lost in Trump's so called "Trade Wars" How many were created by his policies?

Under Obama/VP Biden we had the highest and longest unemployment period since the Great depression. You are suggesting, with unbridled belief, without Barak Obama, this feeble old politician who couldn't help the economy in 40 years of government service, could do better.

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Old 09-11-2020, 11:53 PM
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Default Re: Trump's Trade War Failed. Can Biden Do Better?

biden and the rest of the democratic party loved tariffs prior to trump implementing them. now i'm supposed to believe after trump is gone that biden and the democrats won't rekindle their love affair with tariffs and other protectionist trade policies?
meet the new boss; same as the old boss.


as for what should our trade policy be...???...

how 'bout we actually try that unfettered free market thing people have talked about but has never really been implemented?
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Old 09-12-2020, 07:07 AM
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Default Re: Trump's Trade War Failed. Can Biden Do Better?

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Originally Posted by Gordon Shumway View Post
biden and the rest of the democratic party loved tariffs prior to trump implementing them. now i'm supposed to believe after trump is gone that biden and the democrats won't rekindle their love affair with tariffs and other protectionist trade policies?
meet the new boss; same as the old boss.


as for what should our trade policy be...???...

how 'bout we actually try that unfettered free market thing people have talked about but has never really been implemented?
Problem is the Chinese government didn't create a free market for trade with them. Foreign companies were required to put their intellectual property up for grabs by Chinese firms brazenly stealing it. Despite having the second largest economy in the world the WTO, international trade regulators, classifies China as a developing nation allowing them to restrict imports and impose internal tariffs on goods and services from countries like the United States. There is no free market when the Chinese government has its thumb on the scale with support from the so-called international community and corrupt US politicians.

Could Biden do better? He already has, son Hunter parlayed his last name into a $billion investment by the Chinese government. Grandpa Joe mocks concerns over China's trade war as ridiculous.
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