Why Biden's tariffs on China are different than Trump's
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- เผยแพร่เมื่อ 13 พ.ค. 2024
- President Joe Biden announced that his administration will raise tariffs on Chinese goods, targeting sectors from electric vehicles to solar energy. Yahoo Finance's Rick Newman joins Market Domination to discuss the tariffs and how they compare to Donald Trump's agenda on China.
Newman points out that Biden's announcement came as "the whole political world in the United States now is tough on China."
The move is much more targeted than his predecessor's. Donald Trump placed tariffs on about half of all Chinese imports during his tenure, Newman says. Biden is instead interested in targeting specific sectors to align with his overall policy goals, like building out the semiconductor supply chain within the United States.
Newman adds that "we're now in a one-upmanship situation between Trump and Biden," saying that the two may try to keep upping the ante on China tariffs. During his term, Trump tariffed $300 billion in Chinese goods, while Biden is set to tariff $18 billion.
However, Newman warns of the problem of "China shock," in which millions of jobs went overseas after China joined the World Trade Organization, weakening key sectors. He explains it is "the number one reason why Trump got elected in 2016 because he appealed to those people. He called it American carnage. When he said 'make America great again,' what he meant, or what those people heard, was bring those jobs back."
Trump's policies did not bring those jobs back to the United States, Newman says, highlighting that the heavy tariffs resulted in retaliation that hurt domestic jobs, especially in the agriculture industry.
"I think Trump does have a knack for putting his finger on something that is wrong," Newman says, but notes that the former president's "prescription was wrong."
For more expert insight and the latest market action, click here to watch this full episode of Market Domination.
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Yahoo are you joking?
Even CNN corrected Joe Biden and said it was 1.4% inflation not 9%. It was 9% under Joe Biden's watch because of all the spending and it is has stayed higher for longer because of his continued economic policies.
The above message is 100% Fact checked true!
What flavor of ice cream, do you like?
If this is not a script I don’t know what is…..out the blue “Boom” , yea right
Why do you let hm get by with lying
It's just for show, they have the same master(s)...
Since when yahoo became the big mouth for the Swamp???
He did bring America back things where going good You people have Trump syndrome
its funny watching you people refuse to admit trump was right
keep finding excuses
Tariffs are a tax that YOU pay. Trump raised YOUR taxes. And you sit there like a fool saying he was right to do it.
Tariffs China and ask for there help. Lol
Tariffs is paid by american end users and not by China. EU accounted for 36% of Chinese EV exports last year, more than the next five largest markets combined. By contrast, the United States currently receives just 1.1% of China's EV.
This guy is a joke
The comments are hilarious. Trump did nothing but talk. Biden is getting things done. High inflation in a global problem in a global economy.
😂😂😂 no one do businesses without make money. Grandpa losing it
This will make everything even MORE EXPENSIVE since democrats outsource everything to avoid responsibility. WONDERFUL!!!! 😂😂😂😂 Trump ‘24
Trump shirts, trump ties, made in China, Mexico, anywhere but USA.
You reporters just keep letting him lie about the economy Trump 2024
As long as American industry uses this and is nimble enough - as well as government loans…. Which we know none of that is the case 💀
Absolutely appreciate that this administration can understand nuance, when it comes to tariff policy -- it is a stark contrast against the heavy-handed Trump proposals that are so over-simplified, it's clearly just been dumbed down to make it easier to talk about (but more inflationary and less effective).
Wrong
If Biden is to do another 4 years, they gotta bring out Kamala more both publicly and in policy making. His age is showing.
Leave everything to ruins with China Joe
Isn’t it passed your bed time Mr president
What time does sleepy Don go to bed? Oh, during his criminal trial.