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. |
Researchers uncover future variations of irrigation water use in ChinaProtection of consumers' personal information highlighted in China's new regulationsChina releases ecological protection compensation regulationsChina's antiUN plans mission to Gaza's Al Shifa hospital after Israeli withdrawalChina's Qinghai sees significant growth in green coverage in 2023Rare, endangered plants reintroduced into China's Three Gorges Reservoir areaUN plans mission to Gaza's Al Shifa hospital after Israeli withdrawalSyrian, Russian forces destroy terrorist strongholds in N. SyriaChinese mainland warns against Taiwan military's provocations