Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Investing

ISO: U.S. Trade Policy for Countries Other Than China

by September 1, 2023
September 1, 2023
ISO: U.S. Trade Policy for Countries Other Than China

Scott Lincicome

These days, much of Official Washington has turned its back on freer trade, and China is their reason why. According to the Washington Post, for example, President Biden has “reject[ed] the trade liberalization doctrine that held sway for nearly three decades after the Cold War’s end,” and when asked about the president’s motivations, an anonymous “senior U.S. official” pointed to a Reuters/​Ipsos survey showing that “66 percent of respondents said they were more likely to back a presidential candidate in 2024 who favored ‘additional tariffs on Chinese imports.’ ”

On the other side of the aisle, the Wall Street Journal reported this week that China has motivated several GOP presidential candidates’ turn against new trade agreements and their nationalist support “for boosting domestic manufacturing, even through government subsidies.” Former President Trump has even gone so far as to propose a tariff “ring” on all imports.

As my Cato colleague Clark Packard and I argued in a recent paper, there’s surely a better approach to U.S.-China relations than the clumsy bellicosity both political parties have recently embraced. But it’s especially wrongheaded for U.S. policymakers to let China — which does raise unique challenges — dictate overall U.S. trade policy, given that the vast majority of U.S. trade is conducted with people in countries other than China.

In particular, the latest data from the U.S. Bureau of Economic Analysis show that less than 11 percent of all U.S. trade — imports and exports, goods and services — was with China in 2022.

The numbers for goods trade (i.e., what would get caught up in a global tariff war started by Trump’s “ring”) are a little different, but tell the same general story: China is a big U.S. trading partner but the vast majority of U.S. trade in goods in 2022 involved non‐​China countries.

Even for just U.S. imports of goods, these other countries accounted for more than 83 percent of the total last year:

As I explained in a new column at The Dispatch, Trump’s global tariff is a bad idea for lots of reasons, and the starting point for that analysis is the fact that it would mainly hit countries other than China. (If recent experience is any guide, in fact, a global tariff could give Chinese imports a leg up in the U.S. market.) The same goes for broad‐​based protectionism that President Biden and other policymakers are pushing, which is no more “China policy” than Trump’s (very bad) tariff idea.

0
FacebookTwitterGoogle +Pinterest
previous post
Waldeck Partner With The University Of Lincoln To Keep Top Talent In Lincoln
next post
Financial Regulators’ Open-Source Crackdown Sets Bad Precedent for AI, DeFi, and Innovation

You may also like

Immigration is Good, Just Like Trade

May 27, 2025

Maria Corina Machado Has United Venezuelans to Vote...

July 27, 2024

Bretton Woods Committee Calls for CBDCs under BIS...

December 15, 2023

Debating the Trump Prosecutions

November 24, 2023

Immigrants Receive Less Medicare and Medicaid Per Person

September 17, 2024

Friday Feature: Colossal Academy

July 28, 2023

The SEC as ‘Everything Regulator’ Strikes Again

February 2, 2024

Commercial-to-Residential Zoning Reform Gains Steam

November 10, 2023

The White House Addresses Tranq While Lawmakers Fight...

July 11, 2023

In Minneapolis, Planners Mix Basic Income and Rent...

November 8, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • TSA tells Americans their Costco cards won’t fly at airport security despite love for hot dogs

      June 7, 2025
    • Trump announces China will restart rare earth mineral shipments to US after productive call

      June 7, 2025
    • Musk feud presents ‘unprecedented’ dynamic compared to past Trump disputes: expert

      June 7, 2025
    • Snub of Musk’s NASA nominee ally preceded sudden ‘big, beautiful bill’ criticism, Trump feud

      June 6, 2025
    • Supreme Court rules DOGE can access Social Security information

      June 6, 2025
    • US sanctions money laundering network aiding Iran as regime faces nuclear reprimand at IAEA

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,019)
    • Politics (15,558)
    • Stocks (3,134)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved