Meet The New Boss…
Biden’s trade policy proposals and personal choices continue to look more and more like Trump’s. What’s going to be interesting to watch is if both sides can admit this and work together or will Trump Derangement Syndrome and Biden Derangement Syndrome be too strong? (New York Times)
Instead, his trade staff may focus more on ensuring that American trade rules are adequately enforced and that they promote rather than impede other parts of Mr. Biden’s agenda, including fighting climate change and encouraging domestic investment. The picks include several key staff members to congressional Democrats who helped to revise and pass the United States-Mexico-Canada Agreement. That suggests that a major task in the coming months will be ensuring that the North American Free Trade Agreement’s successor, which raises labor standards and requires new unions at Mexican factories, is fully put in place and enforced.
For the record, I hope it fails because I think restrictive trade deals and protectionism aka crony capitalism are horrible policies that make everyone poorer. However, the rise of populism on both sides has created a consensus on this, unfortunately.