The holiday season is the perfect time of year for predictions on the coming New Year. As we sip our end of the year holiday drinks and muse on how much better the next year will be after we survived this one, a huge topic of the coming year will be the difference in a Biden administration from the previous four years.
Already, comments on the continuation of the tariffs on imports from China has provoked a response from President-Elect Biden, confirming they’d continue on unabated for the near term, though no announcements on the administration’s Commerce Secretary or Trade representative have been made to gauge their governing style. The tariffs might not immediately be repealed, but his comments ensure that any trade remedies directed at China would be streamlined with our allies in the European Union, Asia and directed to a single coherent strategy that suits the trade needs of not only the U.S. but takes into account the needs of a global community.
Further remarks show Biden isn’t champing at the bit to upend the administration, but rather hopes to build a domestic panel to improve and support U.S. manufacturing and trade that will improve our market standing and help reinvigorate our national manufacturing abilities. After the reviews, it’s anybody’s guess as to which tariffs, laws and behaviors will suit their administrative trade goals and which should be discarded.
The main goal as stated by the President-Elect are to adopt a standardized approach that gets U.S. allies on to the same page, or as close to the same page as possible. The repairing of our international alliances and friendships appear to be taking precedence over any individual actions against China.
As more announcements take place, we’ll keep everyone informed as to what can be expected and what preparations may need to happen before the start of the new year.