Trump’s vs. Biden’s Plans to Prevent Another ‘China Shock’ | WSJ

President Joe Biden and former President Donald Trump disagree on just about everything, except for China. Both have taken measures to institute greater trade barriers with Beijing to help boost employment and production domestically, although economists point out key differences in their plans.

WSJ looks at the 2024 presidential election candidates’ different trade strategies with China and how they could affect U.S. consumers.

Chapters:
0:00 Tariffs on China
0:44 What happened to free trade?
2:17 Trump vs. Biden
4:38 Where do the costs go?
5:44 China’s response
6:17 What’s next?

News Explainers
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#China #Election #WSJ

[Dara-wkty]

It's so strange how the US assumed that China will continue to be their manufacturing hub for cheap labour and not strive to become like the US

[jusephcooper]

For American politicians, it is always easier to find a scapegoat than to solve the problem.

[kylethomas]

Its weird that we changed the rules bc we forgot how to compete

[onurum]

Such a pity the US has these two presidential candidates only. What a joke.

[akinduathauda]

"Unfairly cheap prices"? yo America aint you suppossed to be the capitalism chief?

[mewmannamwem]

The US logic
"we are pro free trade"

"not if you do it better than us tho"

[MasterX-shinobi]

So whoever gets elected, life is going to be harder for the average Americans.

[voidvector]

PlayStation 4 used to cost $1845 in Brazil because of tariff. Did that help any Brazilian console makers? The govt needs to do more than just tariff if they want to help their local companies.
Politicians should be required to go to school to take classes on Industrial Policies. Even subsidies has its own limits, it has diminishing returns.

[jackliu-xwtw]

protect a few thousand american workers by making 300 million americans pay more

[kevinjenner]

Reuters. 6/25/24. “Philippines seeking US clarification on anti-vax propaganda operation”

[Ex-expat]

Insane strategy for both USA an the EU. Import what is cheap, build where you are competitive. If we want to have a chance to stay competitive we need to innovate!

[lexbraxman]

Our politicians act like these tariffs and strategies won't be countered by China's own economic tariffs and strategies. Such foolishness.

[Sjalabais]

Such a dumb move, for both candidates, with the dumb one obviously being dumber. Prices going up, competitiveness going down, wealth gets distributed upwards again and progress gets delayed. We live in idiotic times.

[heyaisdabomb]

Ford said the cost to produce one of their cars went up on average 12% thanks to the Trump Tariffs. How does this bring manufacturing back to America? Now the workers in these factories need to make 12% more, which again makes the cars more expensive. Then, it's 15% to 20% more expensive for everyone, include other countries. The reality is tariffs are extremely inflationary.

[mjmf]

You win a race not by slowing down or locking up your opponents, but by making yourself stronger and faster.

[CyborgZeta]

I'm no economist, but I imagine the cost of tariffs are passed on to the consumer because the goods that are taxed are still imported. Importers aren't going to stop importing goods from China just because they're more expensive now.

[Kong-kgij]

Funny how the country had surpluses getting all their revenue from tariffs and not from income tax.

[jlable]

Poor people don’t buy electric cars or solar panels. How do you figure they are bearing the brunt of taxes on these Chinese imports?

[耶律阿宝墩]

Why can Americans only choose president from these two people?🤨🤨🤨🤨

[nonamespls]

yesh tariffs, only the poor and middle income gets to suffer, them rich policy makers won't even feel it. They should have just focused in building products that are more competent.