Joe Biden and Donald Trump are clashing over who can be tougher on trade with China, as the 2024 White House rivals plot higher tariffs on Beijing even at the risk of adding to inflationary pressures in future.
Biden’s announcement on Tuesday that he would apply new tariffs on $18bn of Chinese goods was his most significant action on trade with China as president, and thrust trade to the heart of this year’s presidential contest.
Although the immediate macroeconomic impact of the new Biden levies is expected to be negligible, they could over time force companies reliant on inputs from China to raise prices, leaving consumers stuck in the middle.
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