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Biden Continues Trump’s Trade Policies Amid Rising Costs

In President Trump’s term, he put a 25% tax on steel from other countries, and this made it hard for Clips & Clamps Industries, which is a Michigan auto supplier. This caused them to lose money and lose out on contracts. Jeff Aznavorian, who is the president of the company, hoped that things would get better when President Biden came into office. But Biden kept most of the taxes the same—on steel, aluminum, and many things from China.

Trump and Biden disagree on a lot of things like taxes, the environment, immigration, and rules. But on trade, they are kind of the same. This means that no matter who wins the presidency, the United States will probably keep protecting its trade policy. This could cause prices to grow, as said by experts.

Biden said he is going to put more taxes on things from China, like electric cars and solar cells, so there are not too many cheap things from there in the U.S. Biden wants to help industries like making chips and electric vehicles, because he is worried about China’s growing power in the world. Biden and his people think that the older way of trading didn’t work for the U.S. and they want to do it differently now.

Some people say that trade that’s free – where there are not many taxes and the government doesn’t get in the way – made things cheaper and helped families and companies around the world. But these days, some think that it hurt people who work, because they lost their jobs to workers in other countries who do the job for less money.

Trump was serious about taxes and tried to make other countries pay more to sell stuff in the U.S. He wanted to make the money the U.S. lost in trading smaller, especially with China.

But the way Trump did trade didn’t seem to work. The cost of living would grow, the people who have jobs would become less, and there would be more people who don’t have jobs. In one year, things could cost 0.7% more, and experts say that families in the U.S. would need to pay at least $1,700 each year because of taxes.

Even though Biden kept a lot of Trump’s policies, he did some things differently. He still wants to tax things from China, but he also wants to help U.S. companies that make important things like computer chips and electric cars. The U.S. doesn’t want to depend on China for these things.

The way people do trade changed a lot over the years. People used to move factories to other countries where workers would get paid less. This helped the people who own the companies, but it made things hard for American towns that made things and now compete with things from other countries.

People are worried about China getting bigger and doing more in the world. Both Trump and Biden wanted to make things harder for America’s other countries, because they think China is trying to do bad things to the U.S. Both of them want to trade in ways that help the U.S. make more things here, instead of buying stuff from other countries.

Written by Staff Reports

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