Estimate based on the methodology described in this appendix. These products are defined by the USITC 2020 Covid-19 Related Goods: U.S. Imports and Tariffs, converting harmonized tariff codes into Schedule B codes. Source: Author`s calculations. Since the 1980s, Trump has supported tariffs to reduce the U.S. trade deficit and encourage domestic production, and said the country was “ripped off” by its trading partners; The imposition of tariffs has become an important part of his presidential campaign. [4] A context of the Council of Foreign Relations stated that while many economists and trade experts did not believe that trade deficits were hurting the economy, others felt that persistent trade deficits were often a problem and that there was a substantial debate about the size of the foreign government trade deficit and the policies to be adopted to reduce it. [5] Almost all economists who responded to the Associated Press and Reuters polls said that Trump`s tariffs would do more harm than good to the U.S. economy,[7] and some economists have argued for alternative ways for the United States to deal with its trade deficit with China. [5] [8] [9] [10] [11] But these victories have a high price. Uncertainty created by Trump`s customs threats and trade approaches has weighed on the economy, raised business and consumer prices, delayed business investment and slowed growth around the world. Companies with China`s commitment such as Deere-Company and Caterpillar have laid off some workers and reduced revenue expectations, in part by referring to the trade war.

In August 2019, Roger Johnson of the National Farmers Union, which represents about 200,000 farmers from families, farmers and fishermen, said the trade war was creating problems for U.S. farmers, particularly in addition to the decline in U.S. soybean exports to China. [288] [Best Source Required] In the same month, the American Farm Bureau Federation, which represents the large agricultural industry, stated that the announcement of new tariffs “signals more problems for U.S. agriculture.” [289] Green says the United States will “regret” having two major multilateral agreements on the sidelines. He says this will bring two benefits to China: “On the one hand, there will be a narrative in the region that China is the new leader that has the most influence on trade and rules. And the second is that it will reduce barriers to trade with China at a time when the United States is doing nothing to reduce barriers to trade with the United States.┬áPresident-elect Joe Biden said Monday that the United States must join other democracies to write the rules of world trade, not China. At the 45th G7, British Prime Minister Boris Johnson said: “We don`t like tariffs overall.” [336] An ABC article reported that U.S. allies warned Trump of his trade war with China during the summit, but that Trump said he was not under pressure from his allies because of the trade war. [336] European Council President Donald Tusk has said that the trade war could be a global recession.

[337] The CEOs of U.S. steelmakers Nucor Corp, United States Steel Corp, ArcelorMittal SA and Commercial Metals Co supported Trump`s steel rights against China[300][301] and the United Steelworkers Union. [302] [303] [304] [305] [279] Scott Paul, President of the Associated Alliance for American Manufacturing, also supported tariffs[286][306] and rejected proposals to cancel them in the face of the coronavirus pandemic. [307] In 2019, he criticized the stagnation of trade negotiations, saying, “Trump would have tore any Democrat apart for this result.” [308] Former Vice President Joe Biden said, “As Trump wages a damaging and unpredictable trade war with no real strategy, China is positioning itself to lead the world in the field of renewable energy.” [327] Second, successful integration into the global economy should enable China to participate constructively