The focus is on whether Joe Biden will cut tariffs, but the real action is elsewhere
said to be an area of rare consensus in American politics. Just about everyone agrees that something must be done to counter its rise. But this appearance of unity masks divisions and even confusion about what exactly needs to be done, most of all in the economic domain. Is the ultimate goal to open the Chinese market to American businesses, or to dissolve commercial bonds with China?
Start with competition. This took centre-stage under Donald Trump, who dragged America away from a lingering desire to “engage” China towards a sharper rivalry with it. By the time he left office, America’s average tariff on Chinese products had risen from roughly 3% to nearly 20%, according to calculations by Chad Bown of the Peterson Institute for International Economics. The immediate question for Mr Biden is what to do about this inheritance.
The Biden administration has also debated whether to begin a new probe into China’s economic behaviour. Mr Trump’s big investigation, conducted under section 301 of American trade law , was focused on China’s “forced technology transfers”. Many in the Biden administration see that as a misdiagnosis. The real issue is China’s broader state capitalism.
Mr Biden’s team has worked to place sanctions on a sounder legal footing, while also making them more targeted. Most of Mr Trump’s corporate blacklistings are still in place. Mr Biden has added to them, including barring American investments in a range of Chinese surveillance-tech companies. It is also considering new rules to block foreign rivals from accessing Americans’ personal data, which may yet ensnare TikTok.
That speaks to the final element of Mr Biden’s strategy: investing at home. This is the area where rhetoric and action are furthest apart. After all, Mr Biden’s signature spending plan, his “Build Back Better” social-cum-climate package, has not yet made it through Congress. It is now crunch time for an initiative that was conceived as a response to China.
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