The President’s Inbox The Trade Challenge, With Edward Alden and Ana Swanson (Election 2024, Episode 3)
Oct 1, 2024
Edward Alden is a senior fellow at the CFR and a distinguished professor, while Ana Swanson is a trade journalist at the New York Times. They dive into the evolving landscape of U.S. trade policy, highlighting challenges stemming from competition with China. The duo dissects past deindustrialization narratives and the impacts of tariffs, especially during Trump’s presidency. They explore how shifting protectionist sentiments are reshaping society and influencing the upcoming election's trade discussions.
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Biden's Protectionist Cycle
- Biden's administration imposed tariffs on Chinese goods like chips and solar panels to protect growing US industries.
- This mirrors China's industrial policy and creates a cycle of protectionism.
The Cost of Tariffs
- Tariffs on clean energy goods, while potentially protecting US industries, increase costs for companies aiming to reduce emissions.
- Global trade gains are slowing due to tariffs, resulting in net welfare costs.
The Solar Panel Dilemma
- China's heavily subsidized solar panel production poses a challenge for US manufacturers.
- This raises questions about which industries warrant protection and where to draw the line on tariffs.