In an interview with The New York Times, Biden’s senior economic adviser explained what the Democratic presidential candidate’s economic plan will look like and stated that Biden has a new approach to globalization, which will severely impact U.S. manufacturing, Breitbart reported.
Ben Harris said the former vice president will attempt a new strategy toward globalization, ” A Biden administration is unlikely to continue to impose tariffs on friends and foes alike, deploying protectionist tools in a more strategic and disciplined way.”
He added, “Biden is not blindly pro-trade, but he doesn’t want to shrink from the world like President Trump has. What the vice president proposes is a new approach to globalization, one in which we don’t get behind every trade deal on the grounds that more trade is always better.”
But Biden’s 30-plus year record in politics better explains the results of globalization than any other “new approach.”
In the 1990s, Biden supported the North American Free Trade Agreement (NAFTA) and China’s entry into the World Trade Organization as well as the normalization of trade relations with the CCP.
As a result, the United States lost 5 million manufacturing jobs and closed at least 50,000 factories.
Another of Biden’s globalist approaches was the promotion of the TPP (Trans-Pacific Partnership) that encouraged corporations to move their industries and labor out of the country.
Within weeks of assuming office, President Trump eliminated the Trans-Pacific Partnership and divested the North American Free Trade Agreement and replaced it with the UMSCA, protecting several neglected aspects of the U.S. economy with NAFTA.
In addition, President Trump imposed tariffs of up to 25% on $250 billion of Chinese imports to prevent the country from being further flooded with cheaper Chinese products that destroy the local economy. He also reduced the tax burden on businesses and the general population, which positively impacted Americans’ incomes.
In the opposite vein, Biden’s proposals as president include a 10 percent surcharge that would affect U.S.-based companies at an additional cost if they sell their foreign-made products in the U.S. market, and exempt foreign companies that sell their foreign-made products in the U.S. market.
Manufacturing is vital to the U.S. economy, as each manufacturing job supports 7.4 additional U.S. jobs in other industries. So it is clear that whatever new approach to globalization Biden has in mind, it is not the path to prosperity.