The US presidential elections are fast approaching. Both the Republican and Democratic candidates have already shared a stage airing their priorities and each other’s shortcomings. The country’s outlook on trade and imposing tariffs is amongst the number of issues in focus as the people in the country await a new administration.
Let’s have a look at where former president Donald Trump and Vice-President Kamala Harris stand when it comes to doing business with other nations.
WHERE KAMALA HARRIS STANDS
While the Biden administration has extended the imposed tariffs on goods like steel, aluminium and technology components that the Trump administration put in place, Harris might not be inclined to do the same. Although she hasn’t explicitly made her position known, she has throughout her campaign repeated the importance of domestic production and supporting American industries, the Economic Times reported.
During the presidential debate, Trump proposed a 10% tariff on imported goods and 60% taxation on Chinese goods. Harris responded by labelling tariffs as a “sales tax” on American households.
Harris has also openly talked about giving tax breaks to middle-class Americans, while increasing the taxes paid by the rich. It would not be surprising to see investments in domestic infrastructure and production under a Harris administration. Keeping in mind her strong stance on curbing climate change, Harris is also expected to take into account the consequences of the climate in her policies.
WHERE DONALD TRUMP STANDS
The former president, if re-elected, will be expected to continue his “America First” approach. During his presidential tenure, Donald Trump weaponised tariffs, and repeated his priority to reduce the reliance of America on the international supply chain.
It would not be surprising if he took office and further imposed tariffs on imports, and sought to renegotiate international deals that he deems unbalanced.
Trump, when last in office, took the country out of the Paris Climate Agreement, so it is fine to assume that his trade policies would not take the climate into account but rather focus on energy independence and economic profits.
In line with his “America First” plan, Trump will also be expected to provide tax breaks to industries and water down regulatory systems in place in a bid to boost domestic reliability.
Source Agencies
