WASHINGTON (AP) — As president, Donald Trump imposed a 25% tariff on foreign steel, which hurt Clips & Clamps Industries, a Michigan auto supplier — raising its materials prices, making it harder to compete with overseas rivals and costing it several contracts. Jeff Aznavorian, the company president, thought he might enjoy some relief once Joe Biden entered the White House. Instead, Biden largely preserved Trump’s tariffs — on steel, aluminum and a mass of goods from China. “It was a little surprising that an ideologically different administration would keep the policies so intact,’’ Aznavorian said, recalling how a previous Democratic president, Bill Clinton, had fought for freer trade. “That’s just so different from a 2024 Biden administration.’’ Trump and Biden agree on essentially nothing, from taxes and climate change to immigration and regulation. Yet on trade policy, the two presumptive presidential nominees have embraced surprisingly similar approaches. Which means that whether Biden or Trump wins the presidency, the United States seems poised to maintain a protectionist trade policy — a policy that experts say could feed inflation pressures. |
Feature: Return of Chinese tourists contributes to Egypt's tourism reboundInterview: Somalia seeks drought relief funding in worst humanitarian crisisNew productive forces key to growth, Xi saysChinese company spurs economic revival in Botswana's mining townXinhua Special: Warm Moments of Xi's Visits Ahead of Spring FestivalChina's space station lab module Mengtian ready for launchChinese, Australian FMs hold strategic dialogueChina Focus: CPC Theoretical Study Motivates Party Members to Be Better DoersXi Says ChinaXinhua Special: Warm Moments of Xi's Visits Ahead of Spring Festival