Why Biden’s Failure to Secure Trade Agreements in Europe and Asia Will Impact His Reelection Chances
The Biden Administration’s Pursuit of the Trade War with China
The Biden administration has been actively engaged in a trade war with China, retaining the tariffs imposed by the Trump White House on Chinese imports and implementing restrictions on American exports of advanced semiconductors to China. Additionally, President Biden has prohibited American investments in Chinese technology and restricted tax breaks for vehicles made in China or with a significant Chinese contribution.
Setbacks in Europe and Asia
President Biden’s trade policies have faced significant challenges in Europe and Asia, hindering further action against China. In Europe, while he maintained the Trump tariffs on Chinese imports, he suspended the tariffs on European steel and aluminum for two years in the hopes of reaching a formal trade agreement with the European Union. However, disagreements over labor and environmental standards, as well as domestic subsidies, prevented the two sides from reaching an agreement.
In Asia, the Biden administration achieved some success with a trade and investment deal with Taiwan and an agreement with Japan on critical materials for electric vehicles. However, their efforts to solidify economic cooperation with 13 Indo-Pacific countries and establish rules for digital trade have been met with resistance due to concerns over labor and environmental standards.
The Impact on Biden’s Reelection Chances
President Biden’s failure to secure strong trade agreements in Europe and Asia will have consequences for his reelection chances. Firstly, it weakens the commitment to counter China’s trade dominance and containment efforts in both Congress and the public. Secondly, it raises the possibility of a Trump presidency in 2025 reimposing tariffs on European steel and aluminum and implementing across-the-board tariffs.
In conclusion, President Biden’s inability to secure trade agreements in Europe and Asia not only weakens his position in dealing with China but also diminishes his chances of presenting substantial trade successes to American voters in the upcoming election.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times.
