Biden Following Trump’s Lead on Trade

The Biden administration looks to be following the Trump administration’s trade policy. They are promising that American negotiators will not focus on opening markets for financial-service firms, pharmaceutical companies and other companies whose investments abroad don’t directly boost exports or jobs at home. (Wall Street Journal)

Although U.S. negotiators push to open markets for pharmaceutical companies, Mr. Setser argued at the Council on Foreign Relations, the firms do much of their production in low-tax countries like Ireland, leading to a big U.S. trade deficit in the sector. Boosting U.S. financial-service firms’ business in China is another priority, but the sector’s exports to China are dwarfed by sales to tax dodges in the Cayman Islands.