Both President Joe Biden and former President Donald Trump have utilized tariffs as part of their trade policies, despite their differing political ideologies.
Tariffs, which increase the price of imported goods for American businesses, can serve to protect domestic manufacturers and gain political favor in key swing states like Michigan and Pennsylvania.
During his time in office, Trump imposed tariffs on foreign steel, aluminum, washing machines, and approximately $300 billion worth of Chinese-made goods. If re-elected, Trump plans to expand these tariffs by implementing a minimum 10% duty on all imports from all countries, a tariff exceeding 60% on Chinese imports, and a 100% tariff on all foreign-made cars.
On the other hand, Biden has largely maintained Trump's tariffs, including those on Chinese products such as shoes, baseball caps, and luggage. In a recent announcement, Biden revealed his intention to raise tariffs on $18 billion worth of Chinese imports in strategic sectors like electric vehicles, battery components, legacy semiconductors, steel, and aluminum. These new tariff rates will be phased in over the next two years.
