world

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

Font size+Author:Global Grasp news portalSource:travel2024-05-21 22:15:22I want to comment(0)

WASHINGTON (AP) — As president, Donald Trump imposed a 25% tariff on foreign steel, which hurt Clips

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 articles
  • Jerry Seinfeld's stand

    Jerry Seinfeld's stand

    2024-05-21 21:19

  • Putin signs decree naming new Russian government, including replacement of defense minister

    Putin signs decree naming new Russian government, including replacement of defense minister

    2024-05-21 21:08

  • Top doctor, 57, reveals he is cancer

    Top doctor, 57, reveals he is cancer

    2024-05-21 20:46

  • French veterans Cornet and Gasquet receive French Open wild

    French veterans Cornet and Gasquet receive French Open wild

    2024-05-21 19:39

Netizen comments