The US counter-multilateral trade policy continues to pose significant challenges to the global trading system, regardless of the outcome of the November 5, 2024 presidential election.
Under former President Donald Trump’s administration, the United States launched a broad unilateral trade offensive targeting the World Trade Organization (WTO). This included imposing tariffs on over $350 billion in imports from the Chinese mainland, as well as additional tariffs on steel and aluminum worldwide. These measures effectively paralyzed the WTO appellate body and led to a substantial decline in China-US trade relations.
During the 2024 election campaign, Trump pledged to escalate these efforts by imposing 60 percent tariffs on imports from the Chinese mainland and introducing 10 to 20 percent tariffs on all imports globally. His approach, under the slogan of Making America Great Again (MAGA), clearly aimed to undermine multilateral trade frameworks.
President Joe Biden, despite his rhetoric of returning to multilateralism, has largely maintained the previous administration’s unilateral tariff policies. In addition to sustaining these tariffs, Biden has introduced new ones on Chinese solar panels, lithium batteries, and electric vehicles (EVs). Furthermore, his administration is pursuing a broader trade and investment strategy centered around “resilient supply chains” and a “small yard and high fence” approach. This strategy emphasizes supply chain fragmentation based on value, further entrenching divisions in global trade.
The persistence of these counter-multilateral policies by the United States under both Trump and Biden administrations highlights a significant danger to the stability and fairness of the global trading system. As the US continues to prioritize national interests over collaborative multilateral frameworks, the implications for global economic stability and international trade relations remain profound.
Reference(s):
US counter multilateralism trade policy: Gravest danger to the world
cgtn.com
