All articles tagged with #trade and economics
President Joe Biden has proposed tripling tariffs on Chinese steel in an effort to address the issue of overcapacity and unfair trade practices, signaling a tougher stance on trade with China. This move is part of the administration's broader efforts to bolster domestic manufacturing and protect American industries from what it sees as unfair competition.
Despite former President Donald Trump's promises to rebalance trade, the US trade deficit with Canada and Mexico has continued to climb, reaching $220 billion in 2023. Trump's aggressive trade policies, including renegotiating NAFTA and imposing tariffs, have not reversed the deficits. Economists doubt the effectiveness of his proposed second-term plans to further hike tariffs and cut business taxes. The USMCA, which aimed to boost US manufacturing, has not curbed the deficits, with the trade deficit with Mexico hitting a record $152 billion in 2023. The Biden administration views the USMCA as a success based on job support and tougher enforcement of workers' rights in Mexico.