Using despotic rule, China's, Vietnam's, and other dictators are illegally competing with Western factories, thus destroying Western production workers, and eliminating the West’s chance to fight for survival in the world.
"Joe Biden's economic team is taking shape with plans to remake the Trump administration's approach to economic relations overseas, with a distinction: agreement with President Trump's assertion that globalization has been hard on many Americans but differences on how to address it.
The distinction shows Mr. Trump likely will have a lasting impact on the direction of U.S. economic policy, even though the incoming administration is trying to alter important parts of it.
For many years, peaking in the 1990s, mainstream Democrats and Republicans championed globalization and trade agreements with China, Mexico and others as developments that would make Americans better off. Economists said that there would be winners and losers as the U.S. imported and exported more, but that the trade-offs would be manageable.
Mr. Trump's election four years ago in part reflected the toll that foreign competition took on Americans over two decades of amped-up globalization, particularly in manufacturing communities run down by cheap imports. One of Mr. Trump's "America First" messages was that Washington elites, joining with global companies, let U.S. workers down with unbalanced trade deals. Another was deep skepticism of global institutions like the World Trade Organization.
The prime example, in this view, was China, which in the two decades since it joined the WTO has grown to be the world's second-largest economy, a massive employer and key market for many American companies -- while, in the eyes of many officials, stealing U.S. technology and often skirting international rules. China disputes allegations that it steals technology or breaks rules.
President-elect Biden's initial economic picks -- most of whom served in the Obama or Clinton administrations -- still largely believe in the benefits of globalization and trade, according to interviews and their public statements. Yet they also have grown circumspect about the pitfalls of globalization that Mr. Trump highlighted.
For Mr. Biden's new economic team, the election represents a bid to address the failings of globalization in a more cooperative manner with the rest of the world than Mr. Trump. Mr. Biden has signaled he wants to push allies for help confronting China and press for more aggressive programs domestically to help Americans hurt by trade, and aides have signaled a skepticism about using tariffs as a weapon in trade confrontations.
"There was a clear statement from U.S. voters four years ago, that the gains from globalization and our economic system needed to be shared more widely," said Nathan Sheets, a Treasury Department official under President Barack Obama, now chief economist at investment-advisory firm PGIM Fixed Income." [1]
1. Biden's Economic Team Seeks Global Reset --- President-elect's advisory picks are circumspect about pitfalls Trump highlighted
Hilsenrath, Jon; Timiraos, Nick. Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]02 Dec 2020: A.1.
Komentarų nėra:
Rašyti komentarą