Vice President Joe Biden recently announced his proposal to help American businesses that have been hurt by President Trump’s trade war and tariffs. The ‘Buy American’ campaign, which provides a stark shift from President Trump’s position of broad tariffs imposed on American businesses and taxpayers, would give businesses the support they need to survive the ongoing economic crisis and help revitalize American manufacturing for the long-term.
President Trump has long touted tariffs as the solution to address trade disparities between China and the United States. The reality is that tariffs don’t hurt China, they hurt American businesses, manufacturers, farmers, workers, and consumers. Tariffs are taxes that the importer, in this case, American businesses, pay on countless items from China. Tariffs have not pressured China at all to hold up their end of the trade deal struck last year. President Trump’s advisor Peter Navarro even indicated recently that the trade deal was “over.”
If we’ve learned anything over the last four years, it’s that President Trump is relentless in his misguided policies against China and other U.S. trading partners. He has doubled down on tariffs, which has led to empty promises and further proposed tariffs on Europe and Canada. While President Trump continues to punish American businesses with tariffs, it is a welcome relief to see Vice President Biden’s bold, commonsense economic plan that is focused on bringing tangible results for domestic manufacturing and technology companies.
If President Trump wants to bring back manufacturing to the United States and win this November, he must end the trade war and repeal tariffs. Thus far, President Trump’s tariffs have not led to the revitalization and reopening of major domestic manufacturing plants. On the contrary, small to mid-sized companies across all industries are struggling under his economic policies.
While American companies want to bring jobs back to their local communities and contribute directly to the growth of the American economy, the shortage of manufacturers means that companies cannot find the parts and supplies they need in the United States. This forces small to mid-sized companies to look overseas for suppliers. Many people do not realize that the tariffs American companies pay on items they cannot source domestically are actually taxes paid directly to the federal government.
The trade war has only made it harder for American companies and manufacturers to turn a profit, and many have had to close their doors as a result. As businesses continue to fight for their survival amid the coronavirus pandemic, the President should use every tool at his disposal to enhance economic recovery, including the removal of tariffs. Vice President Biden knows this, and his economic plan could provide real results. It’s no surprise that Biden is polling so well in manufacturing-heavy states that President Trump won last election. If President Trump wants to win key battleground and rustbelt states in November, he must repeal tariffs to provide struggling businesses with the relief they need.