WASHINGTON (AP) — As president, Donald Trump imposed a 25% tariff on foreign steel, which hurt Clips & Clamps Industries, a Michigan auto supplier — raising its materials prices, making it harder to compete with overseas rivals and costing it several contracts.
Jeff Aznavorian, the company president, thought he might enjoy some relief once Joe Biden entered the White House. Instead, Biden largely preserved Trump’s tariffs — on steel, aluminum and a mass of goods from China.
“It was a little surprising that an ideologically different administration would keep the policies so intact,’’ Aznavorian said, recalling how a previous Democratic president, Bill Clinton, had fought for freer trade. “That’s just so different from a 2024 Biden administration.’’
Trump and Biden agree on essentially nothing, from taxes and climate change to immigration and regulation. Yet on trade policy, the two presumptive presidential nominees have embraced surprisingly similar approaches. Which means that whether Biden or Trump wins the presidency, the United States seems poised to maintain a protectionist trade policy — a policy that experts say could feed inflation pressures.
Insider Q&A: CIA's chief technologist's cautious embrace of generative AI
Xizang's maternal, infant mortality rates at record low
China holds majority of world's 'lighthouse factories'
Rishi Sunak to apologise for worst treatment disaster in NHS history
Exports of Taiwan liquor from mainland thrive
Yao: NBA very welcome in China
Mystery artist who erected signs comparing pothole
Messi makes the difference in Miami's latest thrill ride
Sweden beats France, Britain relegated after losing to Norway at hockey worlds
Regional govts use celebrities' power to boost cultural tourism