Biden's slow-motion trade détente
Former President Donald Trump's "go-it-alone trade war" was "an unmitigated disaster, inflicting maximum pain on American workers and farmers" while failing to coerce desired changes from China, President Biden's campaign website (correctly) charged. There and in speeches on the campaign trail, Biden made clear he was no free-trader, but he also bashed Trump's hawkish style and suggested Americans could expect changes, particularly where trade with Europe was concerned. He at least understood — as Trump evidently did not — that U.S. tariffs are taxes paid by the American people.
Yet it was evident even before Biden took office that winding down the trade war with China was not on his agenda despite the severe and unrewarded economic costs it has exacted. Half a year later, it seems safe to render a verdict on trade conflict with Europe, too. As Reason's Eric Boehm wrote Monday, "Trump's trade war with Europe is Biden's trade war now."
In fairness, it hasn't gotten worse. A U.S.-European Union joint statement Monday announced the beginning of "discussions on the mutual resolution of concerns" around Trump-originated steel tariffs that will "avoid changes ... that negatively affect bilateral trade" and "find solutions before the end of the year." As part of that diplomatic launch, the EU "agreed to postpone plans to raise tariffs on American whiskeys, motorcycles, boats, and other items set to take effect June 1," The Wall Street Journal reported Monday. That is particularly welcome news for U.S. whiskey distillers, who were facing a tariff jump from 25 to 50 percent and had already lost more than half their EU export sales since the 25 percent tax was imposed.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
That sort of harm is what makes Biden's slow-motion trade détente with Europe so frustrating and inadequate. The tariffs the United States imposes on other nations' goods cost American consumers; the retaliatory tariffs other nations impose on our goods cost American producers; and none of this financial pain has proven useful for its ostensible beneficiaries, like the steel industry.
The only winners here are governments raking in new taxes and claiming it's an act of beneficence. It's not, and Biden should wholly drop the trade war he partially decried last year.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Bonnie Kristian was a deputy editor and acting editor-in-chief of TheWeek.com. She is a columnist at Christianity Today and author of Untrustworthy: The Knowledge Crisis Breaking Our Brains, Polluting Our Politics, and Corrupting Christian Community (forthcoming 2022) and A Flexible Faith: Rethinking What It Means to Follow Jesus Today (2018). Her writing has also appeared at Time Magazine, CNN, USA Today, Newsweek, the Los Angeles Times, and The American Conservative, among other outlets.
-
How much of a blow is ICC arrest warrant for Netanyahu?
Today's Big Question Action by Hague court damages Israel's narrative that Gaza conflict is a war between 'good and evil'
By Chas Newkey-Burden, The Week UK Published
-
UK gynaecological care crisis: why thousands of women are left in pain
The Explainer Waiting times have tripled over the past decade thanks to lack of prioritisation or funding for women's health
By Harriet Marsden, The Week UK Published
-
'The Hum': the real-life noise behind The Listeners
In The Spotlight Can some of us also hear the disturbing sound that plagues characters in the hit TV show – and where is it coming from?
By Chas Newkey-Burden, The Week UK Published
-
Has the Taliban banned women from speaking?
Today's Big Question 'Rambling' message about 'bizarre' restriction joins series of recent decrees that amount to silencing of Afghanistan's women
By Harriet Marsden, The Week UK Published
-
Cuba's energy crisis
The Explainer Already beset by a host of issues, the island nation is struggling with nationwide blackouts
By Rebekah Evans, The Week UK Published
-
Politicising the judiciary: Mexico's radical reform
Talking Points Is controversial move towards elected judges an antidote to corruption in the courts or a 'coup d'état' for the ruling party?
By The Week UK Published
-
Putin's fixation with shamans
Under the Radar Secretive Russian leader, said to be fascinated with occult and pagan rituals, allegedly asked for blessing over nuclear weapons
By Harriet Marsden, The Week UK Published
-
Chimpanzees are dying of human diseases
Under the radar Great apes are vulnerable to human pathogens thanks to genetic similarity, increased contact and no immunity
By Harriet Marsden, The Week UK Published
-
Deaths of Jesse Baird and Luke Davies hang over Sydney's Mardi Gras
The Explainer Police officer, the former partner of TV presenter victim, charged with two counts of murder after turning himself in
By Austin Chen, The Week UK Published
-
Quiz of The Week: 24 February - 1 March
Puzzles and Quizzes Have you been paying attention to The Week's news?
By Sorcha Bradley, The Week UK Published
-
Will mounting discontent affect Iran election?
Today's Big Question Low turnout is expected in poll seen as crucial test for Tehran's leadership
By Sorcha Bradley, The Week UK Published