Last Updated on November 2, 2020
Democrat presidential candidate Joe Biden would return to a path of globalization allowing foreign governments and international influence to determine the direction of the US economy and whether US jobs would come first, his top advisers said Wednesday.
Stating a preference for the globalized economic model – a model that saw US manufacturing jobs and whole industry disappear, Biden’s top economic advisers all but embraced the fact that the fate of US tariffs on China and other trade deal key points would depend on what Europe and Canada’s leaders want.
Biden’s economic advisers have promised a “new approach to globalization” saying the former-Vice President would immediately consult with America’s main allies before deciding on the future of US tariffs on China.
“The question is what is the appropriate behavior that they have to engage in international relations, in international trade with us, and they have to play by the international rules,” Biden said addressing the US tariffs applied to Chinese goods.
Biden’s campaign aides later walked back his statement, saying he would “re-evaluate the tariffs upon taking office.”
Biden to consult US main allies before deciding on the future of tariffs on China https://t.co/GFYh5A4E3K
— ForexLive (@ForexLive) October 29, 2020
The globalist trade consensus so prevalent among Progressives in Washington, DC – who exist on both sides of the aisle, has seen 55,000 manufacturing plants shuttered in the United States and upwards of five million American manufacturing jobs lost since the late 1990s.
A basic understanding of economics as applied to manufacturing in America reveals that indigenous manufacturing is vital to the US economy. For every one manufacturing job an additional 7.4 American jobs in other industries are created.
President Trump’s approach to trade with China addressed several key issues that previous administrations ignored for their deep want of a globally dependent economy, chief among them the theft of intellectual property and the manipulation of the Chinese currency against the dollar.