Member LoginMember Login - User registration - Setup as front page - Add to favorites - Sitemap Trump or Biden? Either way, US seems poised to preserve heavy tariffs on imports !

Trump or Biden? Either way, US seems poised to preserve heavy tariffs on imports

Time:2024-05-22 02:29:52 source:Stellar Spotlight news portal

WASHINGTON (AP) — As president, Donald Trump imposed a 25% tariff on foreign steel, which hurt Clips & Clamps Industries, a Michigan auto supplier — raising its materials prices, making it harder to compete with overseas rivals and costing it several contracts.

Jeff Aznavorian, the company president, thought he might enjoy some relief once Joe Biden entered the White House. Instead, Biden largely preserved Trump’s tariffs — on steel, aluminum and a mass of goods from China.

“It was a little surprising that an ideologically different administration would keep the policies so intact,’’ Aznavorian said, recalling how a previous Democratic president, Bill Clinton, had fought for freer trade. “That’s just so different from a 2024 Biden administration.’’

Trump and Biden agree on essentially nothing, from taxes and climate change to immigration and regulation. Yet on trade policy, the two presumptive presidential nominees have embraced surprisingly similar approaches. Which means that whether Biden or Trump wins the presidency, the United States seems poised to maintain a protectionist trade policy — a policy that experts say could feed inflation pressures.

Related information
  • Israeli army says it kills over 130 militants in E. Rafah
  • Xi inspects Changsha in central China's Hunan Province
  • Asian CL semifinal postponed in United Arab Emirates after flooding caused by heavy rain
  • Mideast countries call for restraint after Iran's retaliatory attack on Israel
  • Bella Hadid goes braless in a thigh
  • Xi inspects Changsha in central China's Hunan Province
  • Belgian police shut down a far right conference as it rallies ahead of Europe's June elections
  • China exercises veto power in UN Security Council to uphold international justice: envoy
Recommended content
  • 'Constantly learning' Imanaga off to impressive start with the Chicago Cubs
  • Xi inspects Changsha in central China's Hunan Province
  • Bank of America's Q1 profits fall 18% on higher expenses, charge
  • Tax Day shows stark divide between Biden and Trump
  • Not so Cool Britannia! Noel Gallagher gives damning verdict on Keir Starmer
  • China exercises veto power in UN Security Council to uphold international justice: envoy