In 2016, Donald Trump made his stance on trade with China very clear as he campaigned for the presidency. His platform included a more aggressive approach towards trade with China and resulted in the US-China Trade War being a significant concern during his time in office. Even after Biden took office, his administration quietly continued the Trump tariff regime and implemented even 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.
As the world watches, a Bloomberg podcast episode sheds light on the potential effects of these tariffs. Featuring Tom Orlik, chief economist at Bloomberg Economics, and Mackenzie Hawkins, US industrial policy reporter for Bloomberg News, the episode provides an in-depth analysis of the implications of the proposed tariffs on the US economy and global trade. The discussion covers key insights such as the economic role of tariffs, their impact under both the Trump and Biden administrations, and their potential consequences for clean energy and electric vehicles markets.
With global economic cooperation hanging in the balance due to ongoing trade tensions between China and other countries, it is crucial to engage in comprehensive analysis and discussions on these topics to inform decisions related to trade policy and broader economic strategies. As such, this podcast serves as an important reminder that understanding how heightened tariffs can affect our economy is essential for making informed decisions about our future direction as a nation.