WILLIAM PESEK
As Joe Biden throws down the gauntlet in his bid to defeat Donald Trump, the US president risks repeating one of his predecessor’s biggest blunders.
This week, Biden will unveil plans to quadruple taxes on Chinese electric vehicle (EV) imports and slap huge tariffs on other key industries. The new levies on mainland EVs will reportedly skyrocket to 102.5%. Other priority industries could see tariffs double or triple.
It’s Biden’s latest ploy to out-Trump Trump, and ultimately a losing ticket in terms of raising American living standards. It also risks provoking China to retaliate in ways that backfire on US consumers and investors.
Biden’s desire to relive 1985 arguably makes sense from a political standpoint ahead of the November 5 election. That is the era during which levies of the kind Biden is mulling – and Trump used from 2017 to 2021 – might have worked.
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