It's thekindofgrandambitionthatwouldgalvanizesuccessive U.S. presidentsintotakingaction.
Thisisnumberone, butthisisthefirstofmany.
The U.S. effortstocontainChina's growthbeganwithtariffsandsomeofthetradepoliciesintheTrumpadministration.
Basically, theysoughttomakeitmoreexpensiveforChinesecompaniestoselltothe U.S. andconsequentlyredress a massivetradedeficit, theimbalancethatoccurswhen a nationimportsmorefrom a countrythanitexportstoit.
PresidentBidenisholdingbackon a decisiontoscrapanyTrump-eratariffsonChinaimports.
Youcanseethishashadanimpact.
In 2023, thedeficitshranktothesmallesttotalsince 2010, reflecting a declineinimportsshippedfromChina.
ItsmanufacturedgoodstradesurplusisthelargestrelativetoglobalGDPofanycountrysincethe U.S. rightafterWorldWarII.
Trumpalsointroducedpoliciestocontrolhigh-techexportsfrom U.S. manufacturers, aswellasthoseofsomealliedeconomies, whichweretightenedbytheBidenadministration.
So, forexample, a bigEVautomakerlikeBYDisalreadygettingaroundsomeofthesepotentialrestrictionsbybuildingfactoriesinplaceslikeThailand, inHungary, inBrazil.
TrumpwantstofurtherlimitimportsofChineseEVsandbatteriesandinhissecondtermmaytrytofulfill a popularcampaignpledgetoprotect U.S. carmakers.
I willimposewhatevertariffsarerequired, 100 percent, 200 percent, 1,000 percent.