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Trade Trends: What Could Change under the New US Administration
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Trade Trends: What Could Change under the New US Administration

President Joe Biden has already indicated significant policy changes to reverse Trump's policies, improve the country’s response to the COVID-19 pandemic, implement new environmental protections, and more. Here is what will and will not change.

What is Unlikely to Change

The trade war with China will continue under the new administration, and the tensions will not go away anytime soon. The world’s two biggest economies are fighting for power, which is a struggle that will accompany us for many coming years.

Moreover, the Biden administration is focused on rebuilding the vitality of American manufacturing and supporting American jobs.
Buy-American policies favor domestic producers, and President Biden has announced efforts to step up the battle against income inequality in America, which is also connected to trade issues. That means the protectionist tendencies that have unfolded over the past couple of years will continue.

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What is Likely to Change

President Biden will likely set a different tone when dealing with America’s western allies. Former President Donald Trump has alienated Europe and escalated several trade disputes that could have been settled more diplomatically. President Biden is working to unify the western powers and establish a common position regarding the various struggles with China. However, while Biden will work more in tandem with European lawmakers, he has made no promises on ending existing EU tariffs.

He will also work more closely with allies in Asia, who have struggled to find their place in the US-China disputes. The US will likely provide more political and economic resources to the Asia-Pacific area, supporting regional allies. The US might also strive to foster new trade deals and may even rejoin the Trans-Pacific Partnership (TPP) later on.

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