Not all trade is bad, but Donald Trump and Joe Biden both behave as if it is, writes Peter Morici.
International trade will be a key issue in the 2024 U.S. presidential campaign. Sadly, both the Republican and Democratic parties are taking positions on trade that will leave Americans in a perilous sitution.
During the Great Depression, Congress increased tariffs against imports from all nations by 20 points, taking the average rate to a historic 40%. That just made a bad situation worse. Global trade contracted by about two-thirds and export industries based on fair exchange among nations lost jobs. Biden eschews all new trade agreements, even with staunch allies such as the U.K., whose environmental, labor and industrial policies pose few real threats to American workers.
Moreover, Americans would lose economies of scale in high-tech industries. Less trade spells fewer profits and less R&D for artificial intelligence, new drugs and battery technology. U.S. inflation won’t quickly fall to 2% but in an encouraging sign this summer, wages outpaced price increases. Rising gas prices nixed that in September, but should not going forward.
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