Who Loses in Trump’s Endless Trade War? Not Just China
Politicians are overselling the effectiveness of tariffs while underselling the costs to American businesses and households.
In 2016, Donald Trump campaigned for the US presidency on a promise to beat China. Once in office, he unleashed a barrage of tariffs and export controls without precedent in recent memory. Holding fast to a vote-winning strategy, in his 2024 campaign he’s promising to go further, with tariffs of 60% on all Chinese imports.
Nor could anyone accuse Joe Biden of being a panda hugger. New levies—focused on electric vehicles, batteries and solar cells—have been added to the Trump tariffs. Export controls aim to block China’s access to leading-edge semiconductors. Vice President Kamala Harris has yet to set out a detailed China plan, but more of the same seems like a reasonable bet.